The Jaypee Group has been instructed by the Yamuna Expressway Development Authority to pay the outstanding amount of Rs.600 crores by August 2017. Jaypee Group has to pay Rs.600 crore against the land of 1000 hectares allotted to the company.
Initially, Jaypee Group was instructed by the Yamuna Expressway Authority to pay at least 15% of the total amount i.e. Rs. 600 crore by 15th April. However, the date has been extended by a month to 15th May now.
Jaypee Group’s Rs.600 crore dues is very strictly being considered. They have been given time till August this year to pay the entire amount.
In the Jaypee Group Case, the developers were only able to pay Rs.10 crore against the 15% of Rs.600 crore which came out to be Rs.90 crore. They had requested for a time-period of four months to pay all the remaining dues.
Apart from the Jaypee Group Case, the Yamuna Expressway Authority also has few same cases of different developers who have to pay their dues. Letters have been issued to them to pay at least 15% of the amount.
To get rid of the debt, Jaypee Group had sold off some of its assets. The move may help the developers to reduce the burden of debt which has reached a very high amount.