Keep ready sizeable amount of Rs 2,000 crore before next hearing, Supreme Court tells Jaypee Associates
NEW DELHI: The Supreme Court on Monday told Jaypee Associates to keep ready a sizeable amount of Rs 2,000 crore before its next hearing as it refused to permit it to deposit a part amount of Rs 400 crore by Friday.
A bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud asked the real estate major to keep ready the amount as company counsel Anupam Lal Das said they have Rs 50 crore "ready in hand" and will arrange for another Rs 350 crore by Friday.
He said the Jaypee Associates will deposit Rs 400 crore every month starting with January.
The top court had directed 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 -- which is under restructuring on the orders of the Allahabad bench of the NCLT.
The IDBI had moved the National Company Law Tribunal (NCLT) for default of payment against the loan taken by it.