Giving relief to Jaypee Associates, the Supreme Court on Wednesday, asked the group to deposit Rs 275 Cr by December 31st. It must be read in accordance with this news that, earlier the group was asked to deposit INR 400 Cr. While hearing the case of insolvency proceedings under the bankruptcy code, the apex court maintained that the amount can be paid in two installments – Rs 150 Cr by December 14, while Rs 125 Cr by December 31.
Appointing Advocate Pavanshree Agarwal as amicus curiae, the Supreme Court wanted him to prepare the details of the flat buyers, who were seeking for refunding their money from Jaypee Infratech. Earlier, it was IDBI Bank, which initiated bankruptcy proceedings against Jaypee Infratech over charges of default in the payment of installments.
