SC asks Jaypee Infratech to deposit Rs 2000 crore

SC has restrained the managing director and directors of Jaypee Infratech from leaving country without its permission.

Pic for representational purpose

New Delhi: The Supreme Court on Monday asked interim resolution professional (IRP), a body formed by NCLT, to take over management of Jaypee infratech.

SC also directed Jaypee associates to deposit Rs 2000 crore in apex court while restraining the  managing director and directors of Jaypee Infratech from leaving country without its permission.

SC has also asked IRP to submit resolution plan indicating protection of interests of flatbuyers and creditors within 45 days.

Jayee Infratech, which is developing about 32,000 flats and plots across various projects in its township project 'Wish Town' in Noida, has been facing protests and litigation from homebuyers due to huge delays in completion of projects.

Around 141 homebuyers have filed cases against the real estate firm in consumer courts. IDBI Bank has also filed an insolvency petition before the National Company Law Tribunal, which the Supreme Court stayed recently.