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Jaypee needs to Deposit ₹2000 crore

11 September, 2017, 18:20 | Author: Jeff Stephens
  • The holding company of Jaypee Infra has been asked

The Court directed IRP to submit resolution plan indicating protection of interests of flat buyers and creditors within 45 days.

The Supreme Court, which last week stayed Jaypee Infratech's move to get itself declared bankrupt through insolvency proceedings has now directed holding companies of Jaypee Infratech to deposit Rs2,000 crore by 27 October, to ensure homebuyers their due.

The court further restrained the directors and managing directors of Jaypee Infratech and Jaypee Associates from travelling overseas without prior permission of the court.

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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".

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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.

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