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Supreme Court to Jaypee Infratech: Pay Rs 275 crore by year-end

by Legal DesireNovember 22, 2017

Jaypee Infratech is facing insolvency proceedings under the Bankruptcy code and owes nearly Rs 2,000 crore to buyers. After turning down the earlier plea to deposit Rs 400 crore , the court provided a respite to the company and ordered it to deposit Rs 150 crore and Rs 125 crore by December 14 and December 31 respectively in two instalments. The bench also accepted a demand draft of Rs 275 crore by the real estate firm. A bench comprising Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud further restrained the directors from alienating the properties of their immediate family members also and cautioned that any violation of its directive would hold them liable for criminal prosecution.

The Court direct as follows:-
(a) A Demand Draft of Rs.275 crores be deposited by Mr. Anupam Lal Das, learned counsel
appearing for the company, before the Registry of this Court, today.
(b) A sum of Rs.150 crores be deposited by 13.12.2017.
(c) A further sum of Rs.125 crores be deposited by 31.12.2017.
(d) Neither the independent directors nor the promoter directors shall alienate their personal properties or assets in any manner, and if they do so, they will not only be liable for criminal prosecution but contempt of the Court.
(e) That apart, we also direct that the properties and assets of their immediate and dependent family members should also not be transferred in any manner, whatsoever.
Needless to say that direction for deposit of Rs.2,000 crores shall remain as it is. The only indulgence is to pay the same in installments.

The next hearing of the matter will be held on January 10, 2018.

Read Order:

Legal Desire

Legal Desire

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Legal Desire
Legal Desire
The One Stop Destination for Law providing Latest News, Notifications, Career Updates, Study Materials, Courses on Law & More.

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