new delhi the supreme court on monday lifted a stay on insolvency resolution proceedings against jaypee infratech and ordered its parent jaiprakash associates to deposit rs 2000 crore with the court by october 27 to cover the units liabilities towards homebuyers in its residential projects it also asked the insolvency professional to draw up a resolution plan for the company within 45 days which should take care also of the interests of the homebuyersthe court prevented jaypee infratech from alienating any assets or creating thirdparty rights the directors of both companies cannot travel abroad without the courts permissionmondays order will allow resumption of insolvency resolution proceedings against jaypee infratech at the national company law tribunal initiated by idbi bank over a rs 526 crore loan it defaulted the supreme court last week stayed the proceedings on a complaint by the homebuyers who claimed that the process undermined their interests as under bankruptcy law they would not get anything in case the company was liquidateda threejudge bench led by chief justice dipak misra lifted the stay after hearing attorney general kk venugopal idbi bank counsel abhishek manu singhvi and the insolvency resolution professional represented by additional solicitor general tushar mehtathe stay on insolvency proceedings restored control and management of jaypee over the company the ag said while pointing out that the company owed more than rs 10000 crore to the public sector banking system he said the statutes provide for a pecking order which placed secured creditors such as banks above the interests of homebuyers in any eventuality of insolvency or winding up if money from any restructuring is diverted among homebuyers the secured creditors will not get any money meanwhile the cases filed by homebuyers can continue but any judgements may not be given effect to the ag saidlawyers for homebuyers in a number of jaypee projects vehemently resisted any suggestion that kept them out of the resolution process we are also financial creditors jaypee owes us rs 15000 crore more than what it owes idbi they cant have a resolution plan without us we must be part of it senior advocate ajit sinha argued on their behalf senior advocate p chidambaram appearing for some associations of home buyers also urged the court to treat homebuyers as financial creditorseventually the cji brushed aside the ags arguments that the interests of homebuyers be treated as secondary to that of the secured creditors this is a citizenry problem a human problem of great magnitude idbi cant be selfish the homebuyers have invested their lifetime savings in these projects the cji saidthe court appointed shekhar naphade senior counsel and shubhangi tuli advocate on record to participate in the meetings of the insolvency resolution professional and support the cause of homebuyers be it clarified that we have passed this order keeping in view the provisions of the act insolvency and bankruptcy code 2016 and also the interest of the home buyers the court said in its orderthe hearing has been scheduled for november 13jaypee