 "SC tells Jaypee Associates to arrange Rs 2,000 crore before next hearing")
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.
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 - 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.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app