SC directs all 13 directors of Jaypee not to alienate their personal properties

New Delhi: The Supreme Court on Wednesday directed all 13 directors of Jaiprakash Associate Limited (JAL) not to alienate their personal properties.

Cautioning the directors, SC said that alienation of property would make them liable for criminal prosecution.

The apex court has also restrained directors, who appeared in person, from disposing of properties of their immediate family members.

Meanwhile the court has fixed plea of home buyers for further hearing on January 10 and asked the 13 directors of JAL to appear before it again on that day.

JAL has deposited Rs 275 crore with apex court which asksed it to deposit a further amount of Rs 150 crore and Rs 125 crore on December 14 and 31 respectively.

The court appointed advocate Pavanshree Agrawal as amicus curiae and asked him to prepare a portal carrying all the details of the flat buyers, those seeking refund of their money and other details of Jaypee Infratech.

Jaypee Infratech is facing insolvency proceedings under the Bankruptcy code before the National Company Law Tribunal (NCLT), Allahabad.

IDBI Bank initiated bankruptcy proceedings against Jaypee Infratech for default in the payment of instalments. Jaypee Infratech is a wholly owned subsidiary of Jaypee Associates.

With Agency Inputs