SC directs Jaypee associates to deposit Rs 2,000 crore


jaypeeThe Supreme Court on Monday directed the real estate firm Jaypee associates to deposit Rs 2,000 crore by October 27 with its registry and asked the NCLT- appointed interim resolution professional (IRP) to take over its management and work out a plan to protect the interests of homebuyers and creditors.

The 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.It also restrained the Managing Director and Directors of Jaypee Infratech, a sister company of Jaypee associates, from travelling abroad without its prior permission.

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