SC asks Jaypee Infratech to deposit Rs 2000 crore
By Team Legistify / 2017-09-11

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The Supreme Court today directed the embattled real estate firm Jaypee associates to deposit Rs 2000 crore by October 27 with its registry and asked the NCLT- appointed interim resolution professional (IRP) to take over its management and work out a plan to protect the interests of homebuyers and creditors.

The apex court, in effect, allowed the insolvency proceedings against Jaypee Infratech to continue but stayed the proceedings initiated against it in other fora like the Consumer Commission.It also restrained the Managing Director and Directors of Jaypee Infratech, a sister company of Jaypee associates, from travelling abroad without its prior permission.

Picture Courtesy- HindustanTimes

A bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud asked the IRP to submit a resolution plan within 45 days to the court, which shall indicate the protection of interests of homebuyers and the creditors.


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