The difficulties of Jaiprakash (JP) Associates, surrounded by financial difficulties, can increase further. The Supreme Court has clearly told the directive board of the JP Group that they would only consider selling or trading their assets after depositing at least one thousand crore rupees.
During the hearing, JP Group said in court that he is currently in a condition to deposit Rs 400 crore. He said that he would deposit Rs 600 crore in the next two months. After this, 300 crore will be deposited in December and the remaining 300 crore will be deposited in January, but the court refused to do so. Responding to the JP Group, the court said that they have to deposit at least one thousand crores in lump sum first.
Let us know that before this, the court had ordered the JP Group to deposit Rs 2000 crore. The JP Group’s plea was that he should be allowed to sell the property around Yamuna Expressway or to collect the amount by leasing a company to its own company. But the court upheld the condition of depositing Rs 2000 crore and now Rs 1000 crore in the Supreme Court registry. The next hearing of the court will be on November 13.
In fact, on the issue of declaration of JP Infratech’s bankruptcy, the Supreme Court had ordered the company to deposit the amount, after which Jp Infratech had offered to relieve the court.
Court had strongly commented: In the matter of hearing, the bench headed by Chief Justice Deepak Mishra had earlier commented that, “We are not concerned about the interest of the company.” If the company drops in the Bay of Bengal then it will be submerged, we are concerned about home buyers. Most of these buyers are of low and middle class. Flat buyers need to be protected. It is our duty and they should either be given a flat or they should get their money back.