Jaypee Infratech granted conditional stay on liquidation by SC, subject to deposit of Rs. 1,000 crores by 15 june 2018.

Jaypee-Infratech-770x433In a pending litigation initiated by home buyers of various projects of Jaypee Infratech before the Supreme Court of India, i.e. Chitra Sharma & Ors. Versus Union of India & Ors.,  the court on 16th of May 2018, has granted a conditional stay on liquidation of Jaypee Infratech Limited subject to a deposit of a further sum of Rs.1,000 crores jointly and severally by its holding company Jai Prakash Associates Ltd. on or by 15.6.2018. The court further observed that in the meanwhile interim Resolution Professional (IRP) shall continue with the management with further direction to IRP to disburse Rs.750 crores lying in deposit among the home buyers on pro-rata basis.

Court further gave relief to home-buyers by giving them option of either seeking refund of their amount or to opt for another flat. The Apex court further directed that the FDRs of Rs.275 crores and Rs.150 crores be renewed and Rs.100 crores be deposited in an interest bearing short term FD at the UCO Bank. The matter is now listed on 4.7.2018, for further directions.

Click here for Copy of Order.

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