Relief for Homebuyers; SC asks Jaypee to deposit Rs 1,000 crore by next week
32,000 homebuyers have been sitting with baited breath after when its developer turned defaulter against loan amount Rs 526.11 crore from IDBI Bank.
Days are turning more difficult for Jaypee Infratech and it's parent as the Supreme Court has asked the company to deposit at least Rs 1,000 crore for protecting interest of homebuyers.
SC on November 06, asked Jaypee to first deposit Rs 1,000 crore by November 13. Post which they need to think about selling of any assets.
During the hearing, Jaypee pleaded to deposit the money in parts. They wanted to deposit Rs 400 crore by November 13 - and Rs 300 crore in December and Rs 300 crore by January next year.
However, this plea was turned down by Supreme Court.
Decision of SC comes after Jaypee failed to deposit a total of Rs 2,000 crore for protecting the interest of homebuyers in Noida and Great Noida - on two deadlines given by them.
Jaypee was suppose to deposit Rs 2,000 crore by October 27, 2017 which was later extended to November 05, 2017.
Last month, in order to tackle it's subsidiary Jaypee Infratech's debt, JP Associates seeked permission from SC to sell its Yamuna Expressway at an aggregate amount of Rs 2,500 crore.
SC said to Jaypee, “Arrange whatever money you can arrange, but it must be a bona fide exercise." The bench further added, "“First deposit the amount and then we will discuss. Till then, you can keep arranging money,” reported in Hindustan Times.
32,000 homebuyers have been sitting with baited breath after when its developer turned defaulter against loan amount Rs 526.11 crore from IDBI Bank.
The bench on September 11, 2017, restored the National Company Law Tribunal (NCLT) insolvency proceedings against Jaypee Infratech that were stayed on September and also expedited the process.
On Tuesday, the share price of Japyee Infratech finished at Rs 12.81 per piece down by 1.91% on BSE. While Jaiprakash Associates share price closed at Rs 17.55 per piece down by 1.96% on the same index.
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
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
IRCTC Dividend 2024: Railway PSU announces 200% interim dividend - Check record date and other details
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
04:16 PM IST