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TMI Blog2017 (9) TMI 1900X X X X Extracts X X X X X X X X Extracts X X X X ..... hubhangi 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ajit Dubey, Adv., Ms.Srideepa Bhattacharya, Adv., Mr.Aditya Marwah, Adv., For M/s. Cyril Amarchand Mangaldas Aor, AOR, Mr.P.Chidambaram, Sr.Adv., Mr.J.K.Das, Sr.Adv., Mr.Shankh Sengupta, Adv., Mr.Sandeep Devashish Das, Adv., Mr.Pallav Shukla, Adv., Mr.Ramakant Rai, Adv., Mr.P.S.Patwalia, Sr.Adv., Mr.Pawan Upadhyay, Adv., Mrs.Anisha Upadhyay, Adv., Mr.Nishant Kumar, Adv., Mr.Krishna Kanodia, Adv., Ms.Sharmila Upadhyay, Adv., Mr.R.S.Suri, Sr.Adv., Mr.Pawan Upadhyay, Adv., Ms.Sharmila Upadhyay, Adv., Mr.Ratik Sharma, Adv., Mr.Akash Tyagi, Adv., Mr.Anand Grover, Sr.Adv.,Mr.Anvesh Verma, Adv., Mr.Rakshit Thakur, Adv., Mr.Vijayant Singh, Adv., Mr.Shovan Mishra, Adv., Mr.Abhimanyu Bhandari, Adv., Ms.Nattasha Garg, Adv., Mr.Rajiv Virmani, Adv.,Mr.N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ored. This was not a consequence intended by this Court. It is urged by him that if the erstwhile Management of the said company continues, it will affect the rights of the creditors and the consumers as well. In the course of the hearing, we have been informed that after the order of stay was passed by this Court, the Interim Resolution Professional (IRP) has handed over records to respondent No.3 Jaypee Infratech Ltd. ( JIL ). It is submitted by Mr.K.K.Venugopal, learned Attorney General that some time should be granted to the IRP to formulate at least a preliminary scheme so that the interest of all stakeholders is protected. He has also shown his concern for the interest of the home buyers. Dr.Abhishek Manu Singhvi, learned Seni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 shal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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