Trouble seems to be brewing for debt-ridden Jaiprakash Associate Limited (JAL) as the Supreme Court on Wednesday ordered the company to payback all dues to homebuyers and warned its directors and promoters from alienating their properties as well as the assets of their family members. The real estate firm, however, deposited a demand draft of Rs 275 crore with the Supreme Court bench.
Several hundred people have been left in the lurch after the National Company Law Tribunal (NCLT), on August 10, admitted the IDBI Bank’s plea to initiate insolvency proceedings against the company for defaulting on a Rs 526-crore loan. The bench asked the company’s 13 directors, including five promoters of embattled JAL, not to alienate their personal …
Read the full article at: http://www.businesstoday.in/sectors/infra/sc-freezes-jaypee-properties-13-jal-directors-insolvency-proceedings-against-jaypee/story/264514.html
