Jaypee deposits Rs.275 crore, SC fixes next hearing on Jan 10

Cornelia Mascio
Novembre 22, 2017

Cautioning the directors, SC said that alienation of property would make them liable for criminal prosecution.

The apex court has also restrained directors, who appeared in person, from disposing of properties of their immediate family members.

After turning down the earlier plea to deposit Rs 400 crore+, the court provided a respite to the company and ordered it to deposit Rs 150 crore and Rs 125 crore by December 14 and December 31 respectively in two instalments.

The bench also permitted Jaypee to deposit Rs 275 crore and another Rs 275 crore by December end and listed the case for further hearing on January 10, 2018.

The allegations were based on a report by accountancy firm ASA Financial Services, which they had appointed to undertake diligence of publicly available accounts of Jaypee Infratech.

The builder had requested the Supreme Court that it wants to sell off the Yamuna Expressway to generate money, and has an offer in hand for Rs 2,500 crore.

Jaypee Infratech - which is facing insolvency proceedings under the Bankruptcy code before the NCLT, Allahabasd.

A Bench headed by Chief Justice of India Dipak Misra also asked Attorney General KK Venugopal to assist it in deciding a batch of petitions opposing the insolvency proceedings, and seeking protection of the home buyers' interests.

The apex court also fixed the deadline to pay the amount in installments.

Hundreds of home buyers have been left in the lurch after the NCLT, on August 10, admitted the IDBI Bank's plea to initiate insolvency proceedings against the debt-ridden realty company for defaulting on a Rs 526 crore loan, the plea said. The Supreme Court had on Wednesday rejected the Jaypee group's plea to let it hive off the rights of multi-crore sixlane Yamuna Expressway connecting Greater Noida with Agra in order to raise funds to repay the homebuyers.

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