Jaypee Insolvency Case: SC Bars Directors From Leaving India

The court also directed Jaypee Group to deposit Rs 2000 crore with SC in 45 days.

Investors in Jaypee’s Wish Town project stage a protest at Jantar Mantar, in New Delhi on 19 August, 2017. 

(Photo: IANS)

The Supreme Court, on 11 September, said that no managing director of Jaypee Infratech can travel abroad without prior permission from the apex court.

It also revived the Interim Resolution Professional, appointed by NCLT for insolvency proceedings against Jaypee Infratech to take over the management of the construction company.

Additionally, its parent company Jaypee Group has been asked to deposit Rs 2000 crore with the SC in 45 days.

Also Read: SC Usurped Appellate Tribunal’s Jurisdiction in Jaypee Case

Maintaining that home buyers interest is of paramount interest, the SC asked the construction company to hand over records to the Interim Resolution Professional to draft a scheme to bail out 30,000 harassed home buyers in 30 to 45 days.

Earlier, the National Company Law Tribunal (NCLT) has appointed an insolvency professional for buyers of Jaypee projects to raise claims to their properties within two weeks.

The news comes a day after a day after the Allahabad bench of the NCLT admitted the insolvency petition filed by IDBI Bank against debt-ridden Jaypee Infratech, Times of India reported.

Also Read: Jaypee Infratech Insolvency FAQs: What Should Homebuyers Do Now?