Supreme Court orders Jaypee to submit details of ongoing projects

Supreme Court, on Wednesday, reiterated its direction to restrain JAL directors from alienating their personal properties.

The court has also asked Jaypee Associates Ltd (JAL) to give details of its ongoing housing projects across the country.

A bench, headed by Chief Justice De, Justice AM Khanwilkar and Justice DY Chandrachud, noted that it would take a decisive action at a later stage on RBI's plea.

The RBI moved the Supreme Court on Monday seeking insolvency proceedings against Jaypee Associates Ltd.

The bench has prohibited JAL's independent directors from leaving the country without prior permission.

The directors are also not allowed to alienate or create third party interests on their personal properties.

Advocate Mukul Rohatgi and Advocate Anupam Lal Das, appearing for JAL, have assured that the company would deposit Rs 125 crores by January 25, 2018.

The supreme court had previously asked JAL to deposit Rs 2,000 crores of which company managed to pay around Rs 425 crores.

Jaypee Associates Ltd. reels under debts worth Rs 29,000 crore.

The company was dragged to court by flat buyers overs delays in project delivery.