The Supreme Court once again clarified that in its priority flat buyers have the interest. The court said on Wednesday that nobody is concerned about the flat buyers coming to the road. They are circling that forum from this forum. They should get their money or flat.
While jumping the JP Group facing the bankruptcy process, the court turned down the demand to sell the rights of Yamuna Expressway. However, giving a little relief to the company, giving time to November 5 to deposit Rs 1 crore in the court registry The amount was to be deposited before October 27.
The three-member bench, chaired by Chief Justice Deepak Mishra, has ordered this order while rejecting the JPL Company’s request. The company requested the Supreme Court to make partial changes to its September 11 order. The company had sought the permission to hand over the property of Yamuna Expressway to a company in Singapore for depositing Rs. This gives him 2500 crores and he can deposit money.
Attorney General K.K. Venugopal, IDBI Bank, flat buyers Yamuna Express-Authority and Interim Resolution Professional (IRP) lawyers opposed the company’s application during the hearing on Wednesday. He said that Yamuna Expressway is owned by the Jaypee Infratech Company. The proceedings are going on against him in Bankruptcy Law. In this case, the company can not sell rights
JP’s lawyer Kapil Sibal and Mukul Rohatgi said that the company has Rs 17,000 crore. In the worst case, the company costs more than Rs 13,000 crore. There is only a loan of 9000 crores on it. So, what is the cost of selling a stake of Rs 2,500 crore? With the coming of the money, the company will be able to give flat buyers flat. Sibal said that so far 5000 flats have been given. By December the company will give 1800 flat and. After this, 600 flats will be given every month. The company wants to help flat buyers. He said that seventy percent of the JP Township has been constructed, the finishing remains in the absence of money. But there was no impact on the court.
The bench said that those flat buyers who want money back, get their money or flat. That’s why the court ordered the company to deposit money. The court had reserved the decision. The decision was later released on the website.
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