Jaypee needs to Deposit ₹2000 crore – Supreme Court

0

The Supreme Court has asked real estate firm Jaypee to deposit Rs 2,000 crore before October 27 along with a plan on how it will protect the homebuyers’ interests.

Photo: Salman Ali (Hindustan Times)

More than 30,000 buyers of Jaypee Infratech in Noida and Greater Noida have been constantly under duress since the insolvency proceedings would leave them without either a home or compensation from the company.

The Jaypee Infratech controversy began when The Allahabad bench of the (NCLT) admitted insolvency proceedings against JIL on August 9, after IDBI Bank, the leading consortium of lenders had moved a petition that pointed out a default on a Rs 526-crore loan by the real estate giant.

JIL has been the 12 companies that were referred to the NCLT following a Reserve Bank of India order asking banks to launch insolvency proceedings for recovering dues.

LEAVE A REPLY

Please enter your comment!
Please enter your name here