Keep Rs 2,000 cr ready before next hearing, Supreme Court tells Jaypee Associates
Real Estate | November 06, 2017 12:26 ISTThe SC's directive came as it refused to permit Jaypee Associates a part deposit of Rs 400 crore by Friday.
The SC's directive came as it refused to permit Jaypee Associates a part deposit of Rs 400 crore by Friday.
With loan defaults totalling over Rs 44,000 crore, Bhushan Steel was admitted under NCLT for insolvency proceedings in July this year.
The Supreme Court had earlier ordered a stay on initiation of bankruptcy proceedings against Jaypee Infratech
Flat-buyers had contended before court that they will neither get a home nor a refund of their hard earned money on account of being "unsecured creditors".
Sources said the merger scheme before the NCLT-Mumbai Bench will see the final order being passed on September 13, 2017.
Jaypee Infratech is one of the 12 companies referred to the NCLT for insolvency proceedings by banks following the Reserve Bank of India's June 13 directive
The Gujarat High Court may have settled the Essar Steel's objections to its inclusion for immediate bankruptcy proceedings, but its observations suggest that the RBI's battle against NPAs may not be free from legal challenge
The Ahmedabad bench of the tribunal granted time to Essar Steel till July 22 to file objections to the petitions moved by SBI and Standard Chartered against the company after the Gujarat High Court dismissed its petition
The case was being viewed as a landmark in the process to tackle bad loans under the newly formed NCLT. The verdict today paves way for lenders to intiate bankruptcy proceedings against Essar Steel
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