Supreme Court asks directors of Jaypee to furnish personal assets details

In a recent development in Jaypee matter, the Supreme Court has instructed the non-institutional directors of Jaypee Infratech Ltd. to appear before the court in the next hearing, scheduled on November 22.

On November 6, the company requested to the apex court to allow it to submit only 400 crore as against 2000 crore. The court, however, refused the plea of Jaypee Infratech.

The bench comprising of Chief Justice Dipak Mishra, A M Khanwilkar and D Y Chandrachud has appointed Advocate Pawan Shree Aggarwal and has ordered to set up a web portal so that the aggrieved homebuyers of Jaypee Infratech can register their grievances.

The counsel appearing on behalf of Jaiprakash Associates Limited told the court that the company at this stage can deposit only 700 crore, however, the counsel for ICICI Bank asserted that it won't be possible to release the said amount as the company is undergoing debt reconstruction process.

The top court has also asked the managing director and other directors of Jaypee Infratech Ltd from traveling abroad without taking prior permission from the court. Earlier, the court has permitted Jaypee Associates to sell land or properties and raise 2,000 crore and the deposit the same with court's registry by October 27.

On August 10, IDBI bank initiated insolvency proceedings against Jaypee Infratech for defaulting of Rs. 526 crore loan. The matter is scheduled for next hearing on November 22.