The Union government has asked the Uttar Pradesh government to implead itself in the ongoing case in the Supreme Court regarding real estate developer Jaypee Infratech’s bankruptcy on the grounds that the real estate developer flouted the new Real Estate (Regulation and Development) Act — a move that could make life tougher for the already embattled firm.
Separately, on Wednesday, the Supreme Court barred 13 promoters and directors of Jaypee Infratech’s parent Jaiprakash Associates from selling their properties although it allowed them to deposit the ₹2,000 crore they had been asked to, in instalments.
On September 11, the apex court had asked them to deposit ₹2,000 crore to protect the interests of around 30,000 homebuyers who had been affected by the launch of bankruptcy proceedings against the debt laden Jaypee Infratech.
“We have nothing against you. You must give their (homebuyers’) money back. Now, like a good child, please pay up,” the bench told the company’s promoter Manoj Gaur, who, along with 12 other promoters and directors furnished details of personal assets.
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Source : http://paper.hindustantimes.com