Economy

Jaiprakash Associates, Jaypee Infratech tumble 5% on Supreme Court ruling

Jaiprakash Associates, Jaypee Infratech tumble 5% on Supreme Court ruling”

The top court also barred the managing director and directors of the company and its subsidiary Jaypee Infratech from traveling overseas.

Shares of Jaiprakash Associates tumbled as much as 10 per cent after reports said that Supreme Court has directed the company to deposit Rs 2,000 crore by October 27, in relation with the insolvency proceedings involving Jaypee Infratech.

SC has also asked IRP to submit resolution plan indicating protection of interests of flatbuyers and creditors within 45 days.

A rather lengthy hearing in the Jaypeee Infratech case in Supreme Court today brought to fore the possible ambiguity in implementation of the new Insolvency and Bankruptcy Code.

The apex court said these would include the people who were directors when the Allahabad Bench of the National Company Law Tribunal (NCLT) had passed the order appointing the Interim Insolvency Resolution Professional on August 9.

Many home buyers have been protesting outside the company's office in Noida.

Jaypee Infratech Ltd was among the 12 accounts identified by RBI for insolvency proceedings last month.

Agreeing to the IRP taking over the insolvency proceedings, Abhishek Manu Singhvi, the counsel for IDBI, said, "Under the statutory scheme, IRP has to take over in the absence of which the letter and spirit of the Insolvency and Bankruptcy Code of India (IBC), 2016 would be affected".

The top court had earlier stayed insolvency proceedings against Jaypee Infratech, which is into road construction and real estate business.

Around Rs 25,000 crore worth of money of flat buyers and others has been at stake with around 32,000 persons having their undelivered flats in various projects of Jaypee Infratech.



Like this

loading...
loading...

Latest


11 September 2017
Japanese PM Abe to arrive on Wednesday
Prime Minister Narendra Modi and Shinzo Abe share a comfortable relationship with each other. During Modi's last visit to Japan, Abe travelled with him to Kobe in a bullet train.

11 September 2017
NOPD: Five shot in Seventh Ward overnight
Police say two people were hurt and one woman was killed in overnight shootings just blocks apart in Central City Monday morning. Sometime later, authorities say Cheneau flagged down Louisiana State Police troopers and told them unknown shooters had shot him.

11 September 2017
Rawls is questionable for Seahawks' season opener
McKissic, S Tedric Thompson, S Delano Hill (shoulder), LB Michael Wilhoite (calf), G Jordan Roos and T Isaiah Battle. Carroll also said that defensive tackle Jarran Reed (shoulder) was ready to play on Sunday.

11 September 2017
Petra Diamonds shares drop as Tanzania continues sector crackdown
Petra is not the first mining company to run into trouble with the authorities in Tanzania. Petra has also suspended operations at one of its mines in Tanzania.

11 September 2017
Hurricane aid measure grows to $15B as Irma bears down
There are 194 House Democrats and one open seat, meaning passage of the package could depend heavily on Democratic votes. But Senate Republican leader Mitch McConnell on Thursday broke rank with those who voiced opposition.

11 September 2017
NextEra Energy, Inc. (NEE) - Morgan Stanley Maintains Rating And Updates Price Target
Teachers Retirement System Of The State Of Kentucky has 0.11% invested in Lazard Ltd (NYSE:LAZ). (NYSE:NSC) for 119,254 shares. Fuller Thaler Asset Management stated it has 349,548 shares or 0.05% of all its holdings. (NYSE:NSC) for 31,132 shares.

11 September 2017
Cops Shoot Suspect at Miami Airport
However, on Friday afternoon there were nearly 100 flights canceled ahead of the storm, according to The Miami Herald . The Florida Department of Law Enforcement, or FDLE, handles all police-involved shootings by the police department.

11 September 2017
Parents sue because child wears dress to school
" A child aged six would sometimes come to school as a girl or sometimes come to school as a boy ". Sally said her son became " quite ill and stressed " over the situation.

11 September 2017
BlackBerry PRIV won't get Android Nougat
UTB Blogs celebrated its 100th blogcast by hosting the General Manager of BlackBerry Mobility Solutions, Alex Thurber as a guest. However, Thurber says that the smartphone will receive security updates from BlackBerry along with other DTEK smartphones.

11 September 2017
Here's Who China's Bitcoin Exchange Ban Reportedly Won't Affect
The people said that regulators will likely to have to tolerate noncommercial trading of virtual currencies. Officials said they don't plan to shut down cryptocurrency trading, but merely regulate it.