Securing the interest of the homebuyers, the Supreme Court said on Monday, 18 September, that it could ask Jaiprakash Associates Ltd (JAL) to deposit Rs 10,000 crore -15,000 crore more to ensure that homebuyers got their money back.
Economic Times quoted CJI Dipak Misra as saying:
Let us wait and see what interim resolution mechanism is submitted by IRP. If it requires Rs 10,000 crore to Rs 15,000 crore more, we will ask them to deposit the money. You (the homebuyers) will get back your money. What else do you want?
Earlier, the court had directed Jaypee Associates to deposit Rs 2,000 crore with its registrar in pursuance of the ongoing insolvency proceedings against its sister concern Jaypee Infratech.
A bench of Chief Justice Dipak Misra, Justice AM Khanwilkar and Justice DY Chandrachud directed that the amount should be deposited by 27 October.
Putting the matter up for next hearing on 13 November, the bench said in case Jaypee Associates intended to sell any of its assets to raise the money, it would require prior permission from the court.
The Allahabad bench of the National Company Law Tribunal's (NCLT) by its August 9 order had appointed an Interim Resolution Professional (IRP) on the plea by the IDBI seeking recovery of Rs 526 crore from the company.
The apex court also restrained the Managing Director and all the directors of both the companies from leaving the country.
It said said these would include the people who were directors when the NCLT had passed the order appointing the Interim Resolution Professional on 9 August.
However, the court excluded the directors nominated by the lender banks – IDBI, ICICI and SBI – from its order restraining them from travelling abroad.
It appointed senior counsel Shekhar Naphade and advocate Shubhangi Tuli to represent the home buyers at the meetings of the Committee of the Creditors that would consider the plan for the restructuring of the Jaypee Infratech by the Interim Resolution Professional.
The court order came as Attorney General KK Venugopal urged it to vacate or modify its 4 September order by which it had stayed the operation of 9 August order of NCLT.
(With inputs from IANS)
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