SC refuses to block bids for completing Jaypee Infratech’s home projects

New Delhi, Feb 5 (IANS) The Supreme Court on Monday did not stall the Interim Resolution Professional (IRP) inviting bids expressing interest in investing to complete the Jaypee Infratech's residential projects involving apartments, plots and villas.

The bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud did not pass any order on the plea by Jaypee Infratech seeking to stall the process of submitting the bids as it told the court that Monday was the last date for the purpose.

"IRP is going ahead with the bids. If they do, then whole thing will become infructuous", said the senior counsel for Jaypee. However, senior counsel Parag Tripathi appearing for IRP told the bench that the processing of the bids will take time and not everything was going to end on Monday.

"Bids will take time to be processed. There is nothing to stall the bids," he said.

The court was also told that Jaypee Associates have deposited Rs 550 crore out of Rs 2,000 crore it has been directed to deposit with top court registry.

Advocate Pawanshri Agrawal, who is amicus in the case, told the court that online request that he has received for the refund of the money paid by the home buyers stands at Rs 1,150 crore.

Next hearing is on February 12.

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