Jaypee Infratech case: SC asks holding companies to deposit Rs 2,000 cr; says home buyers’ interest shall be protected

In the Jaypee Infratech case, the Supreme Court asked holding companies to deposit a sum of Rs 2,000 crores by September 27.

Safeguarding the interest of home buyers, the SC said that home buyers' interest shall be protected.

The Supreme Court will hear the matter on November 13^th.

Supreme Court modified order, allowing Insolvency Resolution Professional (IRP) to take over management.

Earlier on September 4, the Supreme Court stayed the insolvency proceedings against real estate firm Jaypee Infratech at National Company Law Tribunal (NCLT), Allahabad at the instance of its financier IDBI.

It also issued a notice to embattled firm and others on a plea filed by homebuyers who have not yet received possession of their dream flats booked with the company.