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SC directs Jaypee Associates to deposit Rs 2,000 cr (Lead)

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New Delhi, Sep 11 (IANS) The Supreme Court on Monday directed Jaypee Associates to deposit Rs 2,000 crore with its registrar in pursuance of the ongoing insolvency proceedings against its sister concern Jaypee Infratech.

A bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud directed that the amount should be deposited by October 27.

Putting the matter up for next hearing on November 13, the bench said in case Jaypee Associates intended to sell any of its assets to raise the money, it would require prior permission from the court.

The Allahabad bench of the National Company Law Tribunal’s (NCLT) by its August 9 order had appointed an Interim Resolution Professional (IRP) on the plea by the IDBI seeking recovery of Rs 526 crore from the company.

The apex court also restrained the Managing Director and all the directors of both the companies from leaving the country.

It said said these would include the people who were directors when the NCLT had passed the order appointing the Interim Resolution Professional on August 9.

However, the court excluded the directors nominated by the lender banks – IDBI, ICICI and SBI – from its order restraining them from travelling abroad.

It appointed senior counsel Shekhar Naphade and advocate Shubhangi Tuli to represent the home buyers at the meetings of the Committee of the Creditors that would consider the plan for the restructuring of the Jaypee Infratech by the Interim Resolution Professional.

The court order came as Attorney General K.K. Venugopal urged it to vacate or modify its September 4 order by which it had stayed the operation of August 9 order of NCLT.

The Attorney General told the court that it would result in the control of Jaypee Infratech being restored to its management and that if control of the Jaypee Infratech continues with its erstwhile management, then it would affect the rights of the creditors and the consumers as well.

Having secured the interest of the home buyers – who are in the category of unsecutred creditors, the court directed that suits and proceeding instituted against Jaypee Infratech would remain stayed in terms of the provisions of Insolvency and Bankruptcy Code, 2016 as IRP has been directed to remain in management of the Jaypee Infratech.

–IANS
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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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