{"id":170494,"date":"2017-11-22T17:39:47","date_gmt":"2017-11-22T12:09:47","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=170494"},"modified":"2017-11-22T17:40:42","modified_gmt":"2017-11-22T12:10:42","slug":"jaypee-group-directors-promoters-restrained-selling-personal-properties-asked-submit-rs-275-crores-dec-31","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/11\/22\/jaypee-group-directors-promoters-restrained-selling-personal-properties-asked-submit-rs-275-crores-dec-31\/","title":{"rendered":"Jaypee Group Directors\/Promoters restrained from selling personal properties; Asked to submit Rs. 275 Crores by Dec 31"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Supreme Court<\/strong>: The 3-judge bench of Dipak Misra, CJ and AM Khanwilkar and Dr. DY Chandrachud, JJ directed 13 directors including 5 promoters of the Jaiprakash Association Ltd., the parent company of Jaypee Infratech, to\u00a0deposit Rs 150 crore and Rs 125 crore by December 14 and December 31 respectively.\u00a0The Court, however,\u00a0restrained the directors from alienating their personal properties or the properties of their immediate family members also and cautioned that any violation of its directive would hold them liable for criminal prosecution.<\/p>\n<p style=\"text-align: justify;\">The Bench appointed Advocate\u00a0\u00a0Pawan Shree Agrawal as amicus curiae and asked him to set up a web portal, which would contain all details including grievances of the hassled homebuyers,\u00a0within a week.<\/p>\n<p style=\"text-align: justify;\">Senior Advocate Kapil SIbal, appearing for the company, submitted before the Court that\u00a0adequate time should be given to the firm for arranging money or otherwise it may go the <a href=\"http:\/\/blog.scconline.com\/post\/2017\/09\/11\/sc-tells-sahara-chief-subrata-roy-enough-is-enough-orders-auction-of-aamby-valley\/\">Sahar<\/a>a way.<\/p>\n<p style=\"text-align: justify;\">Hundreds of home buyers have been left in the lurch after the National Company Law Tribunal, on 10.08.2017, admitted the IDBI Bank&#8217;s plea to initiate insolvency proceedings against the debt-ridden realty company for defaulting on a Rs 526 crore loan. The plea before the Supreme Court states that\u00a0around 32,000 people had booked their flats and are now paying installments.<\/p>\n<p style=\"text-align: justify;\">The Supreme Court had,\u00a0on 04.092017,\u00a0 stayed insolvency proceedings against the real estate firm at National Company Law Tribunal.<\/p>\n<p style=\"text-align: justify;\">The matter will now be heard on 10.01.2018.<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>Supreme Court: The 3-judge bench of Dipak Misra, CJ and AM Khanwilkar and Dr. DY Chandrachud, JJ directed 13 directors including 5 <\/p>\n","protected":false},"author":121,"featured_media":154914,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[6131,25174,25164],"class_list":["post-170494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news","tag-bankruptcy","tag-defaulting-company","tag-jaypee"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Jaypee Group Directors\/Promoters restrained from selling personal properties; 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Mukhopadhaya (Chairperson) and Justice Bansi Lal Bhat, Member (Judicial), set aside the order of National Company Law Tribunal (Allahabad), whereby it had cancelled the mortgage of 858 acres of land worth around Rs 5900 crores made by Jaypee Infratech\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":286685,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/10\/nclt-relieves-homebuyers-by-upholding-suraksha-realtys-resolution-plan-in-jaypee-infratech-case-legal-research-legal-news-updates\/","url_meta":{"origin":170494,"position":1},"title":"[Relief for Homebuyers] NCLT approves resolution plan of Suraksha Realty in Jaypee Infratech case","author":"Ridhi","date":"March 10, 2023","format":false,"excerpt":"The National Company Law Tribunal (Delhi Bench) passed orders in favour of aggrieved homebuyers ordering JAL\/JIL\/Jaypee\/RP to continue with adjusting the delay compensation.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-685.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-685.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-685.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-685.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":315645,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/02\/29\/dart-properties-files-for-execution-of-conciliated-agreement-with-cinema-ventures-for-payment-of-dues-scc-times\/","url_meta":{"origin":170494,"position":2},"title":"Dart Properties (P) Ltd. files for execution of Conciliated Agreement with Cinema Ventures (P) Ltd. for payment of outstanding amount; Delhi HC issues notice","author":"Simranjeet","date":"February 29, 2024","format":false,"excerpt":"\u201cThe protection of moratorium will not be available to the directors\/officers of Cinema Ventures (P) Ltd. and execution proceedings can be filed against them.\u201d","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Delhi High Court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Delhi-High-Court.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Delhi-High-Court.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Delhi-High-Court.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Delhi-High-Court.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":288431,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/04\/04\/tribunal-regulatory-bodies-and-commissions-monthly-roundup-march-2023-legal-research-legal-news-updates\/","url_meta":{"origin":170494,"position":3},"title":"Tribunal, Regulatory Bodies and Commissions Monthly Roundup | Top 13 Legal Stories covering Google-CCI case, FTS under India Netherlands DTAA, RCap Resolution, RBI Penalty on Amazon, SEBI Penalty on Arshad Warsi, and more from March 2023","author":"Ridhi","date":"April 4, 2023","format":false,"excerpt":"Find interesting rulings by NCLT, NCLAT, RBI, ITAT, SEBI, NCDRC covering legal stories on FTS under India Netherlands DTAA, reconsideration of approved resolution plan in insolvency proceedings, definition of financial debt, compensation against doctor\u2019s legal obligations, and much more.","rel":"","context":"In &quot;Legal RoundUp&quot;","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"Monthly Roundup","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-973.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-973.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-973.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-973.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":321488,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/05\/06\/sc-issues-notice-jaypee-infratech-over-belated-claims-of-homebuyers\/","url_meta":{"origin":170494,"position":4},"title":"Jaypee Infratech Resolution Plan and belated claims of Homebuyers: SC issues notice to Jaypee Infratech Ltd.","author":"Editor","date":"May 6, 2024","format":false,"excerpt":"\u201cThe issue of notice will not come in the way of execution or implementation of the resolution plan and the allotment of the unit to the appellant, if made, will be subject to the outcome of the present appeal.\u201d","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Belated claims of Homebuyers in Jaypee Infratech","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Belated-claims-of-Homebuyers-in-Jaypee-Infratech.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Belated-claims-of-Homebuyers-in-Jaypee-Infratech.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Belated-claims-of-Homebuyers-in-Jaypee-Infratech.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Belated-claims-of-Homebuyers-in-Jaypee-Infratech.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":243471,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/02\/06\/sebi-bans-kishor-biyani-and-other-promoters-of-frl-from-securities-market-rs-17-78-crore-to-be-disgorged-for-the-wrongful-gains-made-by-them\/","url_meta":{"origin":170494,"position":5},"title":"SEBI bans Kishor Biyani and other promoters of FRL from securities market; Rs 17.78 crore to be disgorged for the wrongful gains made by them","author":"Editor","date":"February 6, 2021","format":false,"excerpt":"Security and Exchange Board of India (SEBI): Ananta Barua, (Whole Time Member) found Chairman of Future Group, Kishor Biyani and its other promoters indulged in insider trading. The Board, in addition to a year ban on Kishor Biyani, Anil Biyani and Future Corp. Resource Pvt. Ltd. (FCRPL), had also imposed\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/170494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=170494"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/170494\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/154914"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=170494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=170494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=170494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}