SC promises to protect the money and interest of the Jaypee homebuyers

Supreme Court gives assurance to the Jaypee homebuyers that they will get back the money they invested in the defaulted project Jaypee Infratech. The court further said it could ask Jaiprakash Associates Ltd., to deposit more Rs.10,000 crore-15,000 crore more to ensure that the investors got their money back.

The Supreme Court on September 11 directed the Jaiprakash Associates to deposit Rs.2,000 crore with the registrar of Supreme Court by October 27. The court further directed Mr. Anuj Jain, the appointed Interim Resolution Professional (IRP) by National Company Law Tribunal (NCLT) Allahabad to take over the management of the realty major and to submit the interim resolution report within the stipulated time period of 45 days.This was to include the interest of homebuyers apart from those of secured creditors, including IDBI Bank and SBI.

Assuring that the SC would do everything possible to protect the homebuyers' interest, CJI Dipak Misra said, “ Let us wait and see what interim resolution mechanism is submitted by IRP. If it requires Rs 10,000 crore to Rs 15,000 crore more, we will ask them to deposit the money. You (the homebuyers) will get back your money. What else do you want?& quot