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2017 (9) TMI 1900 - SUPREME COURTApplication for vacating/modification of the order dated 04.09.2017 - restoration of Management of respondent No.3 – Jaypee Infratech Ltd. - HELD THAT:- Having heard learned counsel for the parties at length, in modification of the order dated 04.09.2017, we issue the following directions: a) The IRP shall forthwith take over the Management of JIL. The IRP shall formulate and submit an Interim Resolution Plan within 45 days before this Court. The Interim Resolution Plan shall make all necessary provisions to protect the interests of the home buyers; b) Mr.Shekhar Naphade, learned senior counsel along with Ms.Shubhangi Tuli, Advocate-on-Record, shall participate in the meetings of the Committee of Creditors under Section 21 of the Insolvency and Bankruptcy Code, 2016 to espouse the cause of the home buyers and protect their interests; c) The Managing Director and the Directors of JIL and JAL shall not leave India without the prior permission of this Court; d) JAL which is not a party to the insolvency proceedings, shall deposit a sum of ₹ 2,000 crores(Rupees two thousand crores) before this Court on or before 27.10.2017. For the said purpose, if any assets or property of JAL have to be sold, that should be done after obtaining prior approval of this Court. Any person who was a Director or Managing Director of JIL or JAL on the date of the institution of the insolvency proceedings against JIL as well as the present Directors/Managing Director shall also not leave the country without prior permission of this Court. The foregoing restraint shall not apply to nominee Directors of lending institutions (IDBI/ICICI/SBI); e) All suits and proceeding instituted against JIL shall in terms of Section 14(1)(a) remain stayed as we have directed the IRP to remain in Management. The matter be listed at 2.00 P.M. on 13.11.2017.
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