The Reserve Bank of India on Monday approached the Supreme Court seeking permission to initiate insolvency proceedings against Jaiprakash Associates (JAL), the parent company of Jaypee Infratech (JIL).
The move had more than 25,000 homebuyers of Jaypee Infratech in Noida and Greater Noida worried that if insolvency proceedings against JAL are allowed, who will deposit Rs 2,000 crore with the Supreme Court registry and ensure that homebuyers are refunded from the amount, sources told Moneycontrol.
The matter will come up for a hearing in the apex court on January 10.
In its application, the RBI has prayed that the Court may be pleased to allow the applicant to follow the recommendations of the IAC in accordance with the …
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