SC Frozes assets of Jaypee Group

New Delhi Nov 22: The supreme court has refused to grant relief for Jaypee Group and has ordered to pay Rs 2000 crore and froze all the assets of all the promoters and directors of the company for now. The apex court has also restrained the promoters and independent directors of the company from alienating their assets till they paid the dues owed by Jaypee Associates' subsidiary, Jaypee Infratech Limited.

Currently, the company is facing insolvency proceedings filed by IDBI bank in a loan default case and the NCLT has declared the company insolvent.

The bench also permitted Jaypee to deposit Rs 275 crore and another Rs 275 crore by December end and listed the case for further hearing on January 10, 2018.

CJI has said that "buyers must be paid back their money. You have gone to the top riding on their money.Don't destroy the lifetime savings of middle-class home buyers ."You mortgage or sell your family jewelry, but you pay back", he added.

Earlier the court has ordered the company to pay Rs 2000 crore and has already extended several deadlines for payment of money.