Economy

SC asks Jaypee Group to deposit Rs 275-crore by 31 Dec

SC asks Jaypee Group to deposit Rs 275-crore by 31 Dec”

The court has directed that Rs 150 crore be deposited by December 14 and another Rs 125 crore by the end of December.

The court appiointed advocate Pavanshree Agrawal as amicus curiae and asked him to prepare a portal carrying all the details of of the flat buyers, thbiose seeking fund of their money and other details of Jaypee Infratech. The reply from the Jaypee Group was that there were a total of 13 directors, including eight independents and five promoters. Senior advocate Kapil Sibal, appearing for the real estate company, said adequate time should be given to the firm for arranging money or otherwise it may go the Sahara way. On November 9, the apex court had refused to give Jaiprakash Associates more time to deposit Rs 2,000 crore in parts, saying the group must submit a sizable amount, such as Rs 1,000 crore, to show their bonafide before asking for an extension.

It had earlier restrained the managing director and the directors of Jaypee Infratech Ltd from travelling overseas without prior permission and asked the parent company JAL to deposit the money. The next hearing of the matter will be held on January 10, 2018. The 13 directors of the firm have been asked to appear before the court again on that day. It owes almost Rs 2,000 crore to buyers in different projects across Noida.

It also stayed any proceedings instituted against Jaypee Infratech for any objective in any forum like the consumer commission, as the IRP has been given control of the company's management.

Jaiprakash Associates has denied allegations made by home buyers of the company diverting over Rs 10,000 crore from its subsidiary Jaypee Infratech, terming it as false, baseless and frivolous.

"Buyers must be paid back their money".

IDBI Bank initiated bankruptcy proceedings against Jaypee Infratech for default in the payment of instalments.



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