SC asks Jaypee to keep Rs 2,000 cr ready before its next hearing

Photo of the Supreme Court.

The Supreme Court on Monday told Jaypee Associates to keep Rs 2,000 crore ready 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 asked the real estate major to keep ready the sizable amount as company counsel Anupam Lal Das said that they have Rs 50 crore “ready in hand” and will arrange for another Rs 350 crore by Friday.

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

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 – its wholly owned company – 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.

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