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SC tells Jaypee Associates to arrange Rs 2,000 crore before next hearing

Company counsel Anupam Lal Das aid that the Jaypee Associates will be depositing Rs 400 crore every month starting with January 2018

IANS  |  New Delhi 

Supreme Court
Supreme Court

The on Monday told 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 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.

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

The top court had directed the major to deposit Rs 2,000 crore to protect the interest of the of Infratech - it's 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.

First Published: Mon, November 06 2017. 13:13 IST