Jaypee

“First deposit the amount and then we will discuss. Till then, you can keep arranging money,” the bench said.

The counsel told the court that the company has raised ~400 crore in seven days and would raise ~300 crore every month to pay off the dues. The company was earlier allowed to raise ~2,000 crore by selling its land and other properties. But the court had turned down, in a previous hearing, the company’s proposal to hive off the multi-crore Yamuna Expressway to generate money.

Jaypee Associates is facing trial after its subsidiary, Jaypee Infratech Limited, teetered on the brink as IDBI bank moved an insolvency application with the National Company Law Tribunal against the builder for defaulting on loans for its projects.

More than 32,000 homebuyers, who have booked flats but yet to be given possession, approached the top court as insolvency proceedings could deprive them of any refund.