The top court also said, in case Jaypee Associates meant to sell any of its assets to raise the money, it would require prior permission from the court.
However, the move was recently challenged by the home buyers.
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".
Puri had instructed his officers to chart out a roadmap on what the government could do to protect the interests of thousands of homebuyers, sources, as quoted by TOI, said.
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. They further argued that they will not receive anything from the insolvency proceedings.
The Supreme Court was hearing the plea filed by IDBI seeking restoration of insolvency proceedings against Jaypee Infratech that was earlier put on hold by the Court on the plea of home buyers who fall in the category of unsecured creditors. Jaypee Infratech said on August 25 it will hand over possession letters to flat owners who have invested in projects that are ready. Jaypee Infratech, which is into road construction, constructed the Yamuna Expressway connecting Delhi-Agra. The SC also asked the NCLT- appointed insolvency resolution professional (IRP) to take over its management of the company.
Nikki Haley has dismissed the Russian-Chinese roadmap, saying the United States is "done talking about North Korea". President Moon met Prime Minister Abe in Vladivostok, Russia, where the Eastern Economic Forum is now being held.
American Airlines said in a statement to ABC News that the last flight out of its Miami hub will be Friday afternoon to Dallas. American, Southwest and other airlines are moving all of their operational aircraft out of the region to wait out the storm .
In response to the sixth nuclear test on September 3, the United States and its allies are trying to have the U.N. South Korea has detected moves that indicate it might soon launch another intercontinental ballistic missile.
As Federal Reserve speakers are now in a blackout period before next week's policy meeting, investors were awaiting for the U.S. President Donald Trump said on Saturday that to overhaul the U.S. tax code, citing the potential impact of Hurricane Irma.
To top that up, Xiaomi is using a symmetrical super cooling system to keep the temperature under control on the inside. The Xiaomi Mi Notebook Pro starts at CNY 5,600 (710/$860) for the i5 version, the i7 model is CNY 6,400 (815/$980).
HBO led among networks and streaming services with 19 Emmys, followed by Netflix, which had 16, and NBC which had nine. The main ceremony of the Emmy Awards 2017 will take place at the Microsoft Theatre in Los Angeles on 17 September.
Support quickly rolled in on social media overnight for Berry as fans anxiously awaited an update on the Fairburn, Ga., native. This marks the third time in Berry's eight-year career he ends the season with an injury or illness.
Trump has repeatedly criticized the five-year-old FTA for creating a $27 billion USA trade deficit with South Korea last year. Meanwhile the South Korean president said that "perhaps the time has come for stronger sanctions " on Pyongyang.
Blackberry Priv will not be updated to Nougat says Blackberry GM
Coming with a secured OS with DTEK security, the BlackBerry Priv was updated from Android 5.0 Lollipop to Android 6.0 Marshmallow. The update also includes some new features exclusively available for Samsung devices like Samsung Pass, Dual messenger, and AOD.
Missing Chicago teen's body found in restaurant freezer
Her family doesn't know how they will live without her. "The hotel staff will continue to operate fully with local authorities". An autopsy was expected to be performed Sunday, said Becky Schlikerman, spokeswoman for the medical examiner's office.
Country Music World Reacts To Death Of Troy Gentry
Pilots around the Flying W Airport in Medford tell TMZ that the pilot had options, though none of them were particularly viable. The goal of the helicopter trip is still unknown, and there is an ongoing investigation as to what caused the crash.
Twitter is reportedly working on a new tweetstorm feature
The company said a year ago that it would stop counting photos, videos and GIF animations toward the 140-character limit. You wouldn't have to worry about a broken sequence, or people replying to your story before you've finished telling it.
North Korea warns of harsh response if new sanctions imposed
The proposal included a ban on oil and textile exports to North Korea and prohibited North Korean citizens from working overseas . Earlier in the day, North Korea warned the US of "greatest pain" if it pushed ahead with a tougher UNSC resolution.
Arsenal boss Wenger: Alexis is no FATTY!
His displays also brought the suggestion from his former youth coach Jose Sulantay that Sanchez looked "fatter" than usual. Arsenal striker Danny Welbeck has said that manager Arsene Wenger has "a good headache" in terms of his options up front.