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. Continue reading
