New Delhi
The Supreme Court today asked the Jaypee Associates to deposit Rs. 275 crores – in two installments – 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 crores 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 crores after it allowed it to deposit Rs. 275 crores.
The court directed the Jaypee Associates to deposit Rs. 150 crores by December 14 and another Rs. 125 crores by December 31.
Directing the next hearing of the matter on January 10, the court said that none of the promotor directors and the independent directors would alienate their personal assets.
The court appiointed advocate Pavanshree Agrawal as amicus curiae and asked him to prepare a portal carrying all the details of of the flat buyers, thbiose seeking fund of their money and other details of Jaypee Infratech.
Jaypee Infratech – which is facing insolvency proceedings under the Bankruptcy code before the NCLT, Allahabasd.
IDBI have initiated Bankruptcy proceedings against Jaypee Infratech for default in the payment of installements.
Jaypee Infratechis is a wholly owned subsidiary of Jaypee Associates.