Jaypee insolvency case: SC asks holding company to deposit Rs 2000 crore, says ‘we are concerned about homebuyers’ – Hindustan Times

The Supreme Court on Monday asked real estate firm Jaypee to deposit Rs 2,000 crore before October 27 and asked for a plan within 45 days on how it will protect homebuyers interest. The court also restrained directors and managing director of Jaypee Infratech and its holding company, Jaypee Associates, from travelling abroad. The holding…

Noida Wish Town row: Jaypee asked to deposit Rs 2000 crore by Oct, directors can’t fly abroad – India Today

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…

Insolvency reprieve on the cards for business leaders – My Business

Tough insolvency rules could be relaxed, according to a federal minister, as the government looks to reduce the number of businesses pushed prematurely into insolvency. Speaking to a recent industry conference, financial services minister Kelly ODwyer said the onus should be on supporting businesses to survive and grow, not on penalising difficulties. The government believes…

Banks turn to ministry of corporate affairs to make Insolvency and Bankruptcy Code tougher – Livemint

The Reserve Bank of India (RBI) has moved a second defaulter list against 28 NPA accounts for bankruptcy resolution under the insolvency and bankruptcy code. Photo: Reuters Mumbai: At least three large lenders including ICICI Bank Ltd, State Bank of India (SBI) and Bank of Baroda (BoB) are planning to ask the ministry of corporate…

In relief to homebuyers, govt likely to tweak bankruptcy code – Hindustan Times

The central government is likely to step in to protect the interest of homebuyers whose investments face uncertainty when bankruptcy proceedings are filed against builders. The government is considering two options. First, amend the bankruptcy law so that homebuyers do not lose out to banks and financial institutions when a defaulting builders properties are liquidated…

Now Jaypee Wish Town home buyers move SC, demand builder to deposit construction, compensation money – Economic Times

NEW DELHI: Around 2,300 home buyers of Jaypee Infratechs Wish Town project in Noida moved the Supreme Court on Friday, requesting it to ensure the builder deposited the money needed to complete the project with the court or in an escrow account before lifting a stay on insolvency proceedings at the company. They also want…