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Supreme Court modifies earlier order, IRP to submit interim report

11 Septembre 2017

The court further restrained the directors and managing directors of Jaypee Infratech and Jaypee Associates from travelling overseas without prior permission of the court.

Days after the Supreme Court has agreed to hear IDBI's plea seeking modification of its order staying the insolvency proceedings initiated against Jaypee Infratech, the Centre may step in to protect the interest of homebuyers whose investments face uncertainty when bankruptcy proceedings are filed against builders. "We are only concerned with interests of all the home buyers", said the Chief Justice.

The insolvency resolution professional will have to come with a plan for more than 30,000 buyers, who have expressed concern that the insolvency proceedings against Jaypee would leave them in a lurch and remediless to either get a house or compensation from the company.

Around Rs 25,000 crore worth of money of flat buyers and others has been at stake with around 32,000 persons having their undelivered flats in various projects of Jaypee Infratech.

This means that all court proceedings against the company, including those pending before the consumer courts will be stayed while the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 is going on.

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The counsel for homebuyers urged the court for their interest to be protected as they belonged to middle and lower income groups.

The court said in a statement, "We understand their plight".

The Managing Director and Directors of Jaypee shall not travel outside India without prior permission. On September 5, IDBI Bank had requested the apex court to restore the insolvency proceedings against the realtor.

The petition submitted that such an order was forcing homebuyers to submit themselves to the jurisdiction of the IBC, even though it does not cater to their interests.

The RBI on August 28 prompted banks to find a resolution for non-performing assets (NPAs) apart from the 12 it has identified earlier on December 13, failing which the companies will be sent to the National Company Law Tribunal (NCLT).

Supreme Court modifies earlier order, IRP to submit interim report