In a significant relief for thousands of home buyers in Noida, the Supreme Court today restrained Managing Director and other directors of Jaypee Infratech from flying abroad and asked the real estate company to deposit Rs 2000 crores by October 27.
“We understand their plight. It is a human problem of great magnitude. We will ensure everyone is protected,” the court said as it asked Jaypee to come up with a resolution plan within 45 days.
The Supreme Court was hearing state-run IDBI’s plea seeking restoration of insolvency proceedings against Jaypee Infratech that was put on hold by the court on the plea of flat buyers who fall in the category of unsecured creditors.
After the home buyers in Jaypee Infratech’s township project ‘Wish T…
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