NOIDA: Homebuyers of Jaypee Wish Town today submitted an appeal in with the Supreme Court , claiming that Rs 10,000 crore has been diverted by Jaypee Infratech to Jaiprakash Associates in order to construct the Yamuna Expressway and other projects. The application by the buyers is in continuation of the hearing of Chitra Sharma PIL.The application, filed by the buyers in the apex court today has been filed by Trilegal the legal firm representing Wish Town buyers in the apex court. The application has been made on the basis of a report by accountancy firm ASA Financial Services. Over 2000 homebuyers of Wish Town applied for a forensic audit of accounts of Jaypee Infratech and Jaiprakash Associates.The application alleges that Jaiprakash Associates has transferred the land bank of Jaypee Infratech for settling its loans without adequate provisions and used its land bank as security for getting loans. According to the ASA report, Jaypee Infratech has spent a minimum amount of Rs 13,283 crore towards the construction and development of the Yamuna Expressway, which translates to an amount of Rs 80.50 crore per kilometer.However, the report compares the expenditure with an amount of Rs 17.16 crore per kilometer, which translates to Rs 34.32 crore per kilometer after indexing for inflation as per the consumer price index, spent on constructing a comparable six-lane concrete Mumbai-Pune Expressway. The report further alleges that Jaiprakash Associates might have received an excess payment of about Rs 46.18 crore per kilometer for the construction of the Yamuna Expressway, which totals to about Rs 7,500 crore for the 165-kilometer Yamuna Expressway.The report also alleges that Jaiprakash Associates may have over-billed at least Rs 3,000 crore to Jaypee Infratech for construction and development of the JAL 's real estate projects. Jaypee Infratech in financial year 2015-16 gave 967 acres of land as security for Rs 33,000 crore loan taken by Jaiprakash Associates, and transferred 476.29 acres of land worth Rs 2,647.24 crore to the lenders of Jaiprakash Associates to settle its liabilities.Home buyers had appointed ASA to undertake diligence of publically available accounts of Jaypee Infratech. Jayee Infratech is presently facing an insolvency bid at the Allahabad bench of NCLT for defaulting IDBI bank by Rs 526 crore. The insolvency bid was stayed when Chitra Sharma, a buyer moved a PIL claiming buyers cannot be part of the insolvency proceedings. The Supreme Court on September 11 had asked Jaiprakash Associates to deposit Rs 2,000 crore by October 27 to stay bonafide. The company has failed to deposit the money. The next date of hearing is November 22.

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