SC Orders Jaypee Infratech to deposit Rs 2000 cr
Written by : SMTV24x7 | Mon, Nov 06, 2017, 06:45 PM
New Delhi Nov 6: The Supreme Court on Monday has rejected the plea filed by Jaiprakash Associates Limited (Jaypee Infratech) seeking an extension for the deposit of Rs 2000 crore. The Court has pulled the JP Venture and has ordered to deposit Rs 1000 crore by November 13 to show their bonafide before asking for an extension.
The Apex Court rejected the petition in which the company sought an extension of time to pay Rs 400 crore by Friday and the remaining amount in parts ie Rs 400 crore each month starting January 2018.
Earlier the top Court has ordered the Company to pay Rs 2000 crore to protect the interest of Home Buyers after National Company Law Tribunal (NCLT) order.
Earlier IDBI Bank has approached the NCLT under the Insolvency and Bankruptcy code under the loan default case.The Tribunal declared the company as insolvent and appointed an Interim resolution Professional (IRP).