Supreme Court: Jaypee Infratech homebuyers will get their investments back

SUPREME-COURT-OF-INDIA

The Supreme Court on Monday said that it could direct Jaiprakash Associates Ltd to deposit an amount of Rs 10,000-15,000 crore more with the court to ensure that homebuyers get their investment back in order to boost the Jaypee homebuyers who are worried about their investments in Jaypee Infratech.

The court ordered Jaypee Associates, the parent company of Jaypee Infratech, to deposit an amount of Rs 2,000 crore with the Supreme Court by October 27 and asked interim resolution professional (IRP), Anuj Jain, who is appointed by National Company Law Tribunal (NCLT), to take over the management of the realty giant and submit an interim resolution plan keeping in mind the interest of the homebuyers, in front of the court in next 45 days. This was to include the homebuyers in the list of secured creditors apart from IDBI and SBI.

Promising that the Supreme Court will take every possible action to safeguard homebuyers’ interest, Chief Justice Dipak Misra said that, “Let us wait and watch what interim resolution mechanism is submitted by the IRP. If it requires Rs. 10,000 crore to Rs 15,000 crore more, we will ask Jaypee to deposit the money. You (the homebuyers) will get your money back. What else do you need?”


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