The Supreme Court has directed all non-institutional directors of JP Associate Limited to appear in court on Nov 22. They have also told them to give details of their personal property. Non-institutional directors have been asked to appear before the court after the three-member bench, headed by Chief Justice Deepak Mishra, has not deposited Rs.2000 crores of JP Associates so far. The court directed the JP Associate to deposit up to 2000 crores by October 27. During the hearing on Monday, the lawyer present on behalf of the company said that he is ready to deposit 700 crore and deposited Rs 100 crore on Tuesday. JP said that Rs 593 crore was deposited in ICICI Bank, but the court rejected his arguments. In the hearing on November 4, the bench had asked the company to arrange for such a sum, whatever it is possible, but your intentions should be seen in it. The bench had asked JP Associate to deposit at least Rs.1000 crore by November 13. The Supreme Court has banned all the directors and managing directors of JP Associate and JP Infratech from going abroad without permission.
Record deposited company to protect the interests of 32000 buyers: The court has asked JP Infratech to hand over its records to Interim Resolutions Professional (IRP) so that the interests of 32000 flat buyers and investors can be protected. The court has banned any forum against any company for any purpose, such as consumer forum, etc.The IRP has been given the full responsibility of the management of the company. Court has appointed senior lawyer Shekhar Nafade to be the Amicus Curie for the IRP hearing. Shekhar will prepare a proposal to protect the interests of buyers.
JP Associate and JSW ready to complete the incomplete project: JP Associate, who is in debt, has said that he is ready to complete the incomplete project of JP Infratech with the help of JSW. JP Group’s company Jaiprakash Associates Ltd (JAL) has also said that JP Infratech Ltd. (JIL) has more assets than liability, so he will not have any problem in solving this problem. In the Bombay Stock Exchange filing, JAL said that many companies, including Vedanta, have shown interest in favor of the proposal to come forward for the JIL Crisis resolution issued by the National Company Law Tribunal, Allahabad. Hence, it will not be difficult for the group company to recover from the problem.