Jaypee Infratech: SC asks company associates to deposit Rs 2,000 Crore

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The Supreme Court asked Jaypee associates to deposit Rs 2,000 crore before October 27 and asked for a plan to protect the home buyer’s interest within 45 days.

It was reported that Supreme Court restricted Managing Director directors of Jaypee Infratech from moving out of the country and asked to deposit Rs 2000 crores by October 27 this year.

The court said in a statement, “We understand their plight. It is a human problem of great magnitude. We will ensure everyone is protected”.

Following this, A bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud has asked the company associates to submit a plan on how they will protect homebuyers’ interest.

It was further observed that the holding company will have to deposit the money.

The next hearing has been scheduled for November 13.

Many home buyers have been protesting outside the company’s office in Noida. The home buyers feared that the company would be declared insolvent.

It was discovered that around 32,000 persons have booked flats in the Jaypee Infratech projects.

Chief Justice of India Dipak Misra said in a statement, “We are not concerned about the company, we are just concerned about the about home buyers”.

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