Jaypee Group Case

Nearly 1 lakh homebuyers find themselves in a legal quagmire as the flats they booked years back in Delhi NCR are nowhere near completion by the three prominent builders - Amrapali, Unitech and Jaypee.

The realty firm has an outstanding debt of nearly Rs 9,800 crore and over 22,000 of its flats in Noida remain incomplete

The top court also allowed RBI to direct banks to initiate separate insolvency proceedings against JIL's holding company Jaiprakash Associate Limited.

The Supreme Court on Wednesday told Jaypee Associates to deposit Rs 125 crore as directed failing which it would be held in contempt of court and could land in Tihar Jail.

Jaiprakash Associates Ltd, part of the Jaypee group, also said that Jaypee Infratech Ltd has more assets than liabilities and it is a fit case for resolution.

Jaypee Group is facing protest from buyers because of significant delays in execution of its projects in Noida and Greater Noida.

Competition Commission has ordered probe against Jaiprakash Associates through majority orders in two separate cases involving real estate projects in the national capital region for alleged abuse of dominant market position and imposition of "unfair" conditions on buyers.

Nearly 1 lakh homebuyers find themselves in a legal quagmire as the flats they booked years back in Delhi NCR are nowhere near completion by the three prominent builders - Amrapali, Unitech and Jaypee.

The realty firm has an outstanding debt of nearly Rs 9,800 crore and over 22,000 of its flats in Noida remain incomplete

The top court also allowed RBI to direct banks to initiate separate insolvency proceedings against JIL's holding company Jaiprakash Associate Limited.

The Supreme Court on Wednesday told Jaypee Associates to deposit Rs 125 crore as directed failing which it would be held in contempt of court and could land in Tihar Jail.

Jaiprakash Associates Ltd, part of the Jaypee group, also said that Jaypee Infratech Ltd has more assets than liabilities and it is a fit case for resolution.

Jaypee Group is facing protest from buyers because of significant delays in execution of its projects in Noida and Greater Noida.

Competition Commission has ordered probe against Jaiprakash Associates through majority orders in two separate cases involving real estate projects in the national capital region for alleged abuse of dominant market position and imposition of "unfair" conditions on buyers.