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Construction World Magazine India | Jaypee Infratech ordered to deposit Rs 2,000 crore in court
Jaypee Infratech ordered to deposit Rs 2,000 crore in court
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A bench comprising of Chief Justice Dipak Misra along with judges DY Chandrachud and AM Khanwilkar has permitted an Interim Resolution Professional (IRF) to access Jaypee Infratech’s records, following which, the Supreme Court has taken a series of steps in the case to protect the interests of those affected. The IRP will be drafting a resolution plan with due consideration given to homebuyers and creditors within 45 days.
P Chidambaram had also reportedly put forth the point that homebuyers have paid substantially more than the banks, claiming total dues by homebuyers to be about Rs 15,000 crore. In light of this, a representative of the homebuyers will also be added to the committee of creditors.
Additionally, to ensure accountability on the promoters’ end, Jaypee Infra’s promoter Jaiprakash Associates has been ordered by the court to deposit Rs 2,000 crore by October 27, 2017.
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