{"id":50403,"date":"2017-11-06T17:52:22","date_gmt":"2017-11-06T12:22:22","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=50403"},"modified":"2017-11-06T17:52:22","modified_gmt":"2017-11-06T12:22:22","slug":"deposit-substantial-amount-prove-bonafide-sc-jaypee","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/deposit-substantial-amount-prove-bonafide-sc-jaypee","title":{"rendered":"Deposit substantial amount to prove bonafide: SC to Jaypee"},"content":{"rendered":"
\"Deposit<\/a>
Deposit substantial amount to prove bonafide: SC to Jaypee<\/figcaption><\/figure>\n

The Supreme Court today refused to allow Jaypee Associates to deposit to Rs 400 crore with its registry as against Rs 2,000 crore directed by it, and asked the real estate firm to submit a substantial amount to prove its bonafide.<\/p>\n

The real estate firm which was asked on September 11 to deposit Rs 2,000 crore with the apex court registry by October 27, rushed to the top court, saying no company possessed such a huge amount of “liquid” fund and urged that it should be allowed to deposit Rs 400 crore by Friday.<\/p>\n

A bench headed by Chief Justice Dipak Misra said Rs 400 crore was a paltry sum and the firm will have to deposit substantial amount to establish its bonafide.<\/p>\n

“Arrange whatever money you can arrange, but it must be a bonafide exercise,” the bench, which also comprised Justices A M Khanwilkar and D Y Chandrachud, said when the counsel for the firm said the share holders’ consent would be needed to sell the assets of the group.<\/p>\n

The bench then said that the firm may consider depositing at least Rs 1,000 crore by November 13 with its registry.<\/p>\n

The top court had on September 11 directed the Jaypee Associates to deposit Rs 2000 crore by October 27 and asked the NCLT-appointed interim resolution professional (IRP) to take over its management and work out a plan to protect the interests of homebuyers and creditors.<\/p>\n

It had also restrained the managing director and directors of Jaypee Infratech Ltd from travelling abroad without its permission and asked the parent company, Jaypee Associates, to deposit the money.<\/p>\n

The top court had asked Jaypee Infratech to hand over the records to the IRP for drafting of a resolution plan indicating protection of interests of over 32,000 hassled home buyers and creditors.<\/p>\n

It had also stayed any other proceedings instituted against Jaypee Infratech for any purpose in any forum like the consumer commission, as IRP has been given control of the company’s management.<\/p>\n

The court had allowed Jaypee Associates to raise Rs 2000 crore by selling land or properties and deposit them in the apex court registry by October 27.<\/p>\n

The court had also appointed senior advocate Shekhar Naphade as amicus curiae to assist the proceedings of the IRP, which will submit a resolution plan indicating how to safeguard the interest of home buyers and secured creditors.<\/p>\n

Additional Solicitor General Tushar Mehta, appearing for Insolvency and Bankruptcy Board, had said that 627 units have been delivered to home buyers since the proceedings against the company began.<\/p>\n

Homebuyers including one Chitra Sharma had moved the apex court saying that around 32,000 people had booked their flats and they are now dying and paying the installments.<\/p>\n

The top court had on September 4 stayed the insolvency proceedings against the real estate firm at National Company Law Tribunal (NCLT).<\/p>\n

Flat buyers, under the Insolvency and Bankruptcy Code of 2016, do not fall in the category of secured creditors like banks and hence they can get back their money only if something is left after repaying the secured and operational creditors, Sharma, in her plea, said.<\/p>\n

Hundreds of home buyers have been left in the lurch after the NCLT, on August 10, admitted the IDBI Bank’s plea to initiate insolvency proceedings against the debt-ridden realty company for defaulting on a Rs 526 crore loan, the plea said.<\/p>\n

( Source – PTI )<\/p>\n","protected":false},"excerpt":{"rendered":"

The Supreme Court today refused to allow Jaypee Associates to deposit to Rs 400 crore with its registry as against Rs 2,000 crore directed by it, and asked the real estate firm to submit a substantial amount to prove its bonafide. The real estate firm which was asked on September 11 to deposit Rs 2,000 […]<\/p>\n","protected":false},"author":1,"featured_media":49348,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[146,31987,40365,117,80,38609,47726],"class_list":["post-50403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-law-news","tag-court","tag-featured","tag-jaypee-infratech","tag-law","tag-legal-news","tag-national-company-law-tribunal","tag-supreme-court"],"yoast_head":"\nDeposit substantial amount to prove bonafide: SC to Jaypee - Legal News India - Supreme Court & High Court Updates<\/title>\n<meta name=\"description\" content=\"The Supreme Court today refused to allow Jaypee Associates to deposit to Rs 400 crore with its registry as against Rs 2,000 crore directed by it, and - Get the latest legal news from the Supreme Court, High Courts, and government. 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On submission of this amount, the liquidation proceedings against Jaypee Infratech Limited (JIL), a subsidiary of holding company\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/delhi.jpg?fit=570%2C400&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/delhi.jpg?fit=570%2C400&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/delhi.jpg?fit=570%2C400&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":50305,"url":"https:\/\/www.legalindia.com\/news\/sc-refuses-nod-jaypee-group-hive-off-yamuna-expressway","url_meta":{"origin":50403,"position":2},"title":"SC refuses nod to Jaypee Group to hive off Yamuna Expressway","author":"Legal India Admin","date":"October 26, 2017","format":false,"excerpt":"The Supreme Court today refused permission to embattled Jaiprakash Associates Ltd to hive-off the rights of multi-crore six-lane Yamuna Expressway connecting Greater Noida with Agra in Uttar Pradesh. The apex court, however, extended the time from October 27 to November 5 for the company to deposit Rs 2000 crore. \"We\u2026","rel":"","context":"In "High Profile Cases"","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"SC refuses nod to Jaypee Group to hive off Yamuna Expressway","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/08\/judiciary.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":52009,"url":"https:\/\/www.legalindia.com\/news\/supreme-court-asks-jaiprakash-associates-ltd-deposit-rs-200-crore-may-10","url_meta":{"origin":50403,"position":3},"title":"Supreme Court asks Jaiprakash Associates Ltd to deposit Rs 200 crore by May 10","author":"Legal India Admin","date":"March 21, 2018","format":false,"excerpt":"The Supreme Court today asked the embattled realty firm Jaiprakash Associates Limited (JAL) to deposit Rs 200 crore in two installments by May 10. The bench headed by Chief Justice Dipak Misra asked the real-estate major to deposit Rs 100 crore by April 6 and the rest by May 10.\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/03\/Jaiprakash-Associates-Ltd.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":47179,"url":"https:\/\/www.legalindia.com\/news\/sc-asks-sahara-deposit-rs-5092-6-cr-keep-roy-jail","url_meta":{"origin":50403,"position":4},"title":"SC asks Sahara to deposit Rs 5092.6 cr to keep Roy out of jail","author":"Legal India Admin","date":"March 1, 2017","format":false,"excerpt":"The Supreme Court today directed the Sahara Group to deposit Rs 5092.6 crore by April 7 in the SEBI-Sahara account to keep its chief Subrata Roy out of jail and said the amount will be refunded to the investors. A bench headed by Justice Dipak Misra refused to give six\u2026","rel":"","context":"In "High Profile Cases"","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/06\/Subrata.jpg?fit=380%2C285&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":56258,"url":"https:\/\/www.legalindia.com\/news\/adani-group-submits-non-binding-bid-for-jaypee-infratech","url_meta":{"origin":50403,"position":5},"title":"Adani Group Submits Non-Binding Bid For Jaypee Infratech","author":"Legal India Admin","date":"June 1, 2019","format":false,"excerpt":"New Delhi : Business conglomerate Adani Group has made an unsolicited and non-binding bid to acquire Jaypee Infratech Ltd. and is ready to infuse up to Rs 1,700 crore to expedite the construction of stuck housing projects of the debt-laden realty firm and deliver flats to home buyers, sources said.\u2026","rel":"","context":"In "Business Law News"","block_context":{"text":"Business Law News","link":"https:\/\/www.legalindia.com\/news\/category\/business-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/06\/download-2019-06-01T205908.204.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"jetpack_shortlink":"https:\/\/wp.me\/p6H5Bf-d6X","jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/50403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/comments?post=50403"}],"version-history":[{"count":0,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/50403\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media\/49348"}],"wp:attachment":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media?parent=50403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/categories?post=50403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/tags?post=50403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}