SC asks JP Associates to deposit Rs 2,000 crore; shares tumble

Supreme Court has also asked interim resolution professional (IRP), a body formed by NCLT, to take over management of Jaypee infratech. NSEBSEJaiprakash Associate…Loading data…

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      ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIES Shares of Jaiprakash Associates tumbled as much as 6.42 per cent on Monday after reports said that Supreme Court has directed the company to deposit Rs 2,000 crore by October 27, in relation with the insolvency proceedings involving Jaypee Infratech.

      The scrip lost 6.42 per cent at Rs 21.85. Shares of the company opened at Rs 23.50 and touched a high and low of Rs 23.90 and Rs 21.05, respectively.

      The apex court also restrained directors and managing directors of JP Associates and Jaypee Infra from travelling abroad. Jaypee Infra was down 4.76 per cent at Rs 16 in the afternoon trade.

      Supreme Court has also asked interim resolution professional (IRP), a body formed by NCLT, to take over management of Jaypee infratech.

      The apex court, in effect, allowed the insolvency proceedings against Jaypee Infratech to continue but stayed the proceedings initiated against it in other fora like the Consumer Commission.

      The apex court, however, allowed Jaypee associates to raise Rs 2,000 crore by selling land or any properties with the prior approval of the IRP.

      The top court had on September 4 stayed the insolvency proceedings against the real estate firm at National Company Law Tribunal (NCLT).

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