Economy

Jaypee Infratech: SC asks company associates to deposit Rs 2000 Crore

Jaypee Infratech: SC asks company associates to deposit Rs 2000 Crore”

The Supreme Court on Monday asked debt-ridden realty firm Jaypee Associates to deposit Rs 2,000 crore with the court's registry by October 27.

A bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud directed that the amount should be deposited by October 27.

On September 4, the Supreme Court had stayed the insolvency proceedings against Jaypee Infratech after a PIL filed by a homebuyer sought stay on the NCLT order. The lawyer said that the resolution plan will now be monitored by the Supreme Court, which would help protect homebuyer interests.

The reproduction of the story/photograph in any form will be liable for legal action.

"We are not concerned about interests of companies but are concerned about middle-class home buyers who are paying EMIs".

Jaypee Infratech homebuyers raise slogans and hold placards during a protest in Noida on Saturday.

Jaypee Infratech is into road construction and real estate business.

Legal experts said the apex court's ruling could set a precedent in terms of how it balances the rights of lenders versus those of homeowners or the public at large.

After the home buyers in Jaypee Infratech's township project "Wish Town" in Noida filed complaints, police had in April this year lodged a case of cheating, financial fraud and criminal conspiracy against the directors of the firm.

According to official sources, under the Insolvency and Bankruptcy Code, once the resolution and liquidation process is completed, a portion of the proceeds goes towards recovering liquidation costs. Jaypee is one of the first companies to have been admitted under the under the Insolvency and Bankruptcy Code.

The share of Jaiprakash Associates was trading down by 6.42% at Rs 21 per share on BSE at 1407 hours.

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



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