Explorer

Insolvency case: SC directs NCLT-appointed IRP to take over Jaypee's management

New Delhi [India], Sep 11 (ANI): The Supreme Court on Monday directed National Company Law Tribunal (NCLT)-appointed Interim Resolution Professional (IRP) to take over Jaypee associates' management to work out a plan to protect the interests of homebuyers and creditors and also asked the real estate firm to deposit Rs. 2,000 crores by October 27 with its registry.

The apex court also restrained the Managing Director and Directors of Jaypee Infratech from travelling abroad without its prior permission.

A bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud asked the IRP to submit a resolution plan within 45 days to the court, which shall indicate the protection of interests of homebuyers and the creditors.

The Supreme Court also assured the buyers that their matter will be heard on November 13.

The Allahabad bench of the NCLT on August 9 classified Jaypee Infratech as insolvent on the petition filed by the IDBI Bank under Section 7 of Insolvency and Bankruptcy Code 2016.

The IDBI filed an insolvency plea in the tribunal after Jaypee Infratech defaulted on a loan of around Rs. 8,500 crores. Although the company had claimed that it held adequate assets to repay the loan, the IDBI went ahead and filed the plea.

Nearly 32,000 people are affected by the NCLT order as they worry their savings given to the builder for their homes will go waste if the NCLT declares the company insolvent and begins proceedings. (ANI)


This story has not been edited. It has been published as provided by ANI

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Maharashtra Elections: With 50 Rebels In Fray, Can Mahayuti And Maha Vikas Aghadi Contain The Dissent?
Maharashtra Elections: With 50 Rebels In Fray, Can Mahayuti And Maha Vikas Aghadi Contain The Dissent?
India Confirms Meeting Between India, Canada Intel Officials, But Maintains No Evidence Shared On Nijjar Case
India Confirms Meeting Between India, Canada Intel Officials, But Maintains No Evidence Shared On Nijjar Case
Jharkhand Elections: INDIA Bloc Arrives At Seat-Sharing Agreement For Assembly Polls, Friendly Fight In 3 Seats
INDIA Bloc Arrives At Seat-Sharing Agreement For Jharkhand Polls, Friendly Fight In 3 Seats
Pawar Family Hosts Separate Diwali Events For 1st Time As Ajit, Sharad Gear Up For Maharashtra Polls
Pawar Power Split: Pawar Family Hosts Two Diwalis For 1st Time As Ajit, Sharad Gear Up For Polls
Advertisement
ABP Premium

Videos

Maharashtra Election: If Numbers Are Needed, Who Will You Choose? Devendra Fadnavis Makes a 'Prediction'Maharashtra Election: Listen to Raj Thackeray's Take On Who Will Be Maharashtra's Next CM | Raj Thackeray ExclusiveMaharashtra Election: Ajit Pawar Speaks Out on Allegations of Collusion with Sharad Pawar | Ajit Pawar ExclusiveChirag Paswan Exclusive Interview: Responds with Laughter on Marriage, Uncle, Nitish & PM Modi | ABP LIVE
Embed widget