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Arrange Rs 2,000 cr before next hearing : SC to Jaypee

SC

New Delhi, Nov 6: The Supreme Court on Monday asked Jaypee Associates to arrange Rs 2,000 crore before its next hearing as it refused to permit it a part deposit of Rs 400 crore by Friday.

A bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandracud told the real estate giant  to keep ready the sizable amount as company counsel Anupam Lal Das stated that they have Rs 50 crore “ready in hand” and will arrange for another Rs 350 crore by November 10.

Das said that the Jaypee Associates will be depositing Rs 400 crore every month starting with January 2018.

The apex court had ordered the real estate major to deposit Rs 2,000 crore to protect the interest of the home buyers of Jaypee Infratech – it’s wholly owned company – restructuring on the orders of the Allahabad bench of the National Company Law Tribunal.

The IDBI had moved the NCLT for default of payment against the loan taken by it.

Wefornews Bureau 

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