SC orders Jaypee Infratech to deposit Rs 2000 crore

New Delhi Sept 11: Supreme Court today has ordered the real estate firm Jaypee associates to deposit Rs 2000 crore by October 27 with its registry.

The court has also directed the NCLT- appointed interim resolution professional (IRP) to take over the management of the company and work out a plan to protect the interests of home buyers and creditors.

The top court has granted a partial relief to the company by staying the proceedings initiated against it in fora like the Consumer Commission.

Earlier the Court has stayed the NCLT order to initiate the insolvency proceedings against Jaypee Infratech under the new Insolvency and Bankruptcy code.



Currently, the company owes a huge debt to banks and IDBI bank had filed a petition in NCLT for speedy resolution of the insolvency of the company.

Earlier the court has stayed the order because 32,000 peoples savings were at stake because they were not delivered their flats.