SC appalled over Jaypee IRP's arrest

The Supreme Court was "appalled" over arrest of court-appointed Interim Resolution Professional (IRP) for managing the affairs of debt-ridden Jaypee Infratech Limited in a criminal case by Uttar Pradesh police and ordered his release while issuing a show cause notice to an erring cop.

The apex court observed that the police official is not familiar with the provision of privilege of interim resolution appointed by the court under the IBC.

Anuj Jain was appointed by the top court under the Insolvency and Bankruptcy Code (IBC) and was entrusted with the task to ensure functioning of Jaypee Infratch till the resolution process is decided.

He was arrested on Monday from Mumbai by the Greater Noida police in connection with an FIR alleging that the Jaypee Infratech, the operator of the 165-kilometer long Yamuna Expressway, and its IRP Anuj Jain have not taken up safety measures suggested by the IIT in its safety audit conducted in 2018 to reduce road accidents.

Ordering Greater Noida police and the magistrate concerned to release Jain without imposing any condition upon receiving its order through e-mail, a bench of Justices A M Khanwilkar and Dinesh Maheshwari asked the office of the Registrar General (Judicial) of the apex court to make a call to the office of the judicial magistrate to ensure immediate compliance.