#RealtyNewsRoundUp: Be A Good Kid, Deposit Rs 275 Cr By December, SC Tells Jaypee

In a sharp message to embattled real estate company Jaiprakash Associate Limited (JAL), the Supreme Court on November 22 directed its 13 directors not to alienate their personal properties, and asked the company to pay up Rs 275 crore by December-end "like a good kid". An SC Bench, headed by Chief Justice Dipak Misra, accepted a demand draft of Rs 275 crore submitted by the company, and directed it to pay another two tranches of Rs 150 crore and Rs 125 crore by December 14 and 31, respectively.

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The government will soon promulgate an ordinance to amend the Insolvency and Bankruptcy Code, aimed at tightening the current framework amid rising number of insolvency cases. The decision was taken in a Cabinet on November 22. Over 300 cases have already been approved by the National Company Law Tribunal (NCLT) to be taken up under the law.

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In a bid to give a push to the repair or redevelopment of some 30,000 dilapidated buildings in the city, the Brihanmumbai Municipal Corporation (BMC) is coming out with a new policy. The new policy was aimed at ensuring more transparency in addressing the issues of old and dilapidated buildings and protecting the rights of tenants living in them, a senior civic official said.

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Spanish company Eptisa Servicios de Ingenieria SL has been chosen as the project management consultant for developing the Patna Smart City. Last week, five companies that fulfilled the eligibility criteria were shortlisted. Out of those five companies, Eptisa was picked as its bid was the lowest.  The Bihar capital would be redeveloped as a smart city at an estimated cost of Rs 2,700 crore.

Source: Media reports