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Arrange Rs 2,000 cr before next hearing, SC tells Jaypee

Arrange Rs 2,000 cr before next hearing, SC tells Jaypee

by | May 25, 2021 | News, Politics

Jaypee GroupNew Delhi : The Supreme Court on Monday told Jaypee Associates to keep Rs 2,000 crore ready before its next hearing as it refused to permit it a part deposit of Rs 400 crore by Friday.

A bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandracud asked the real estate major to keep ready the sizable amount as company counsel Anupam Lal Das said that they have Rs 50 crore “ready in hand” and will arrange for another Rs 350 crore by Friday.

He said that the Jaypee Associates will be depositing Rs 400 crore every month starting with January 2018.

The top court had directed the real estate major to deposit Rs 2,000 crore to protect the interest of the home buyers of Jaypee Infratech – it’s wholly owned company – restructuring on the orders of the Allahabad bench of the NCLT.

The IDBI had moved the National Company Law Tribunal (NCLT) for default of payment against the loan taken by it.

—IANS

SC directs Jaypee Associates to deposit Rs 2000 cr

SC directs Jaypee Associates to deposit Rs 2000 cr

by | May 25, 2021 | Corporate, Corporate Buzz, News

Supreme CourtNew Delhi : The Supreme Court on Monday directed Jaypee Associates to deposit Rs 2000 crore with its registrar in pursuance of the ongoing insolvency proceedings against its sister concern Jaypee Infratech.

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.

Putting the matter up for the next hearing on November 13, the bench said in case Jaypee Associates intended to sell any of its assets to raise the money, it would require prior permission from the court.

The bench also restrained the Managing Director and all the directors of both the companies from leaving the country.

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.

—IANS