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SC orders Jaypee Associates to pay Rs 275 crore by December 31

Shubhanshu Sharma

Shubhanshu SharmaBy Shubhanshu Sharma

Published on 22 Nov 2017 12:53 PM GMT

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New Delhi: The Supreme Court on Wednesday asked Jaypee Associates to deposit Rs 275 crore, in two instalments, by December 31, telling it to 'behave like a good child'.

The court order is seen as a relief to Jaypee Associates whose earlier plea to deposit Rs 400 crore was turned down.

The bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud asked the real estate major to deposit another Rs 275 crore after it allowed it to deposit Rs 275 crore earlier.

The court directed the Jaypee Associates to deposit Rs 150 crore by December 14 and another Rs 125 crore by December 31.

Directing the next hearing of the matter on January 10, the court said none of the promoter directors and the independent directors would alienate their personal assets.

Also Read: SC asks Jaypee Associates to keep sizeable amount ready

The court appointed advocate Pavanshree Agrawal as amicus curiae and asked him to prepare a portal carrying all the details of the flat buyers, those seeking refund of their money and other details of Jaypee Infratech.

Jaypee Infratech is facing insolvency proceedings under the Bankruptcy code before the National Company Law Tribunal (NCLT), Allahabad.

IDBI Bank initiated bankruptcy proceedings against Jaypee Infratech for default in the payment of instalments. Jaypee Infratech is a wholly owned subsidiary of Jaypee Associates.

Shubhanshu Sharma

Shubhanshu Sharma

Writer has 6 years of experience in digital media. Presently working as Senior Sub Editor at newstrack.com. An avid reader and always willing to learn new things and techniques.

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