Supreme Court provides interim relief to ten flat buyers in Jaypee's Calypso project

The Supreme Court on 13 September has provided interim relief to ten flat buyers in Jaypee's Calypso project.

It also directed Jaypee Infratech to pay Rs. 50 lakh for delayed possession to these home buyers.

Earlier on 24 August, the Supreme Court adjourned hearing on home buyers' plea, challenging insolvency order against Jaypee Infratech.

The Jaypee home buyers approached the Supreme Court claiming no rights under the Indian Penal Code ( IPC).

The Allahabad bench of the National Company Law Tribunal (NCLT) admitted the IDBI Bank's insolvency plea against Jaypee Infratech.

The IDBI filed an insolvency plea in the tribunal after Jaypee Infratech defaulted on a loan of around Rs. 8,500 crore. Although the company had claimed that it held adequate assets to repay the loan, the IDBI went ahead and filed the plea. 

-ANI