SC tells Jaypee Infratech to deposit Rs 2,000 crore by October 27

Directors to seek permission before leaving the country, insolvency professional back

The Supreme Court on Monday announced a series of steps in the Jaypee Infratech case to ensure homebuyers’ interests were protected without severely affecting the sanctity of the young insolvency law. 

A Bench of Chief Justice Dipak Misra and judges A M Khanwilkar and D Y Chandrachud modified last week’s stay order on the insolvency proceedings to allow the interim resolution professional (IRP) access to records of the company. The IRP has been directed to draft an interim resolution plan duly taking into account the interests of homebuyers and creditors in 45 days. 

Keeping in mind the “massive human problem,”