Does the new SC order brings respite for Jaypee Infratech's homebuyers?
Interim resolution professional Anuj Jain has been asked to provide a solution within 45 days to protect the interest of homebuyers and creditors of Jaypee.
Key Highlights:
- SC asks Jaypee Infratech's parent company to pay Rs 2,000 crore
- SC bans Jaypee Infratech's directors and promoters to travel abroad
- Jaypee Infratech and Jaiprakash Associate shares ended on negative note
The Supreme Court on Monday asked the National Company Law Tribunal (NCLT) appointed interim resolution professional (IRP) Anuj Jain to work an interim resolution to protect the interest of homebuyers and creditors of Jaypee Infratech within 45 days.
Jain was earlier given six-months time period to submit a plan for revival of the company.
Jaiprakash Associates (the parent of defaulter) has been asked to deposit Rs 2,000 crore by October 27. The directors and promoters of the defaulting company are banned from travelling abroad without prior permission.
After the announcement, Jaypee Infratech and Jaiprakask Associates saw selling in their share price.
Stock price of Jaypee Infratech closed at Rs 16 per piece, down by 4.76% and Jaipraksah Associates finished at Rs 21.85 per piece, down 6.42%.
IDBI Bank, on September 4, filed a petition before the Supreme Court seeking modification in the stay order on NCLT's insolvency proceedings against Jaypee Infratech.
On September 04, SC provided relief to 32,000 home buyers by putting NCLT's insolvency proceeding on hold against Jaypee Infratech.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
05:12 PM IST