File photo of Jaypee Infratech homebuyers staging a protest outside the Jaypee Group’s Noida office. Photo: PTI
The Supreme Court on Monday directed Jaypee Associates to deposit Rs 2,000 crore with it in connection with insolvency proceedings involving Jaypee Infratech, according to media reports. The court also asked the Interim Resolution Professional, a body set up by the National formed by the National Company Law Tribunal (NCLT), to take over the management of Jaypee Infratech.
Meanwhile, the Court also restrained the managing director and chief executive of Jaypee Infratech and Jaypee Associates from leaving the country and ordered JP Associates to seek consent before sale of any property.