Order
IAs Nos. 67414 of 2018 in WP (C) No. 744 of 2017
1. This is an application for impleadment. The IA is allowed.
IA No. 67416 of 2018 in WP (C) No. 744 of 2017
2. This is an application filed on behalf of Mr Sundaram Balasubramanian, an independent Director of Jaiprakash Associates Ltd. (JAL) seeking permission to travel to UK and Singapore between June and August, 2018. The permission is granted subject to filing of the itinerary before this Court along with an undertaking to come back. The itinerary and undertaking shall be filed by 25-5-2018. The application is accordingly allowed.
WP (C) No. 744 of 2017 and connected petitions
3. Having heard the learned counsel for the parties at length, it is directed that Jaiprakash Associates Ltd. (JAL), the holding company of Jaypee Infratech Ltd. (JIL) shall deposit a further sum of Rs 1000 crores jointly and severally by 15-6-2018. Subject to the said deposit, there shall be a stay of further proceedings only insofar as the liquidation is concerned. In the meantime, Interim Resolution Professional (IRP) shall remain in management. If the amount is not deposited by 15-6-2018, the statutory proceedings shall continue. As far as Rs 750 crores, which is lying in deposit is concerned, it has to be disbursed on pro rata basis amongst the homebuyers.
4. At this juncture, Mr Pawanshree Agrawal, learned Amicus Curiae has submitted a proposal for disbursal. Mr C.A. Sundaram, learned Senior Counsel appearing for PNB Housing Finance Ltd. and Mr Priyank Ladoia, learned counsel appearing for Axis Bank have agreed to depute their representatives to meet Mr Pawanshree Agrawal, so that a proposal can be discussed by them and filed before this Court. If any of the homebuyers wants to change his/her option from seeking refund to seeking flat, he may intimate Mr Pawanshree Agrawal, learned Amicus Curiae.
5. Keeping in view the office note, it is directed that the FDRs of Rs 275 crores and Rs 150 crores shall be renewed and Rs 100 crores shall be invested in an interest-bearing short-term fixed deposit in UCO Bank, Supreme Court Compound, New Delhi. List the matter on 4-7-2018.
Court Masters