SC directs Jaypee Associates to deposit Rs 2000 cr

The Supreme Court on Monday directed Jaypee Associates to deposit Rs 2000 crore with its registrar in pursuance of the ongoing insolvency proceedings against its sister concern Jaypee Infratech.

A bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud directed that the amount should be deposited by October 27.

Putting the matter up for the next hearing on November 13, the bench said in case Jaypee Associates intended to sell any of its assets to raise the money, it would require prior permission from the court.

The bench also restrained the Managing Director and all the directors of both the companies from leaving the country. 

The apex court said these would include the people who were directors when the Allahabad Bench of the National Company Law Tribunal (NCLT) had passed the order appointing the Interim Insolvency Resolution Professional on August 9. - IANS