Insolvency case: SC directs Jaypee Infratech to deposit Rs 2,000 crore

New Delhi, September 11 : The Supreme Court on Monday directed the embattled real estate firm Jaypee associates to deposit Rs 2,000 crore by October 27 with its registry and asked the NCLT-appointed interim resolution professional (IRP) to take over its management and work out a plan to protect the interests of homebuyers and creditors.The apex court, in effect, allowed the insolvency proceedings against Jaypee Infratech to continue but stayed the proceedings initiated against it in other fora like the Consumer Commission.It also restrained the Managing Director and Directors of Jaypee Infratech, a sister company of Jaypee associates, from travelling abroad without its prior permission. A Bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud asked the IRP to submit a resolution plan within 45 days to the court, which shall indicate the protection of interests of homebuyers and the creditors.The apex court, however, allowed Jaypee associates to raise Rs 2000 crore by selling land or any properties with the prior approval of the IRP.The top court had on September 4 stayed the insolvency proceedings against the real estate firm at National Company Law Tribunal (NCLT).