Jaiprakash Associates Limited has informed the Exchange regarding 'Intimation_under_Regulation_30_of_the_SEBI_LODR_23_05_2025'.
Awaiting price reaction for this filing.
Jaiprakash Associates, which is under the Corporate Insolvency Resolution Process (CIRP), updated the exchange on its Special Leave Petition (SLP) before the Supreme Court. The case concerns the cancellation of allotment of 1,085 hectares of land in Sector-25, Sports City, Greater Noida by the Yamuna Expressway Industrial Development Authority (YEIDA) over non-payment of dues, a cancellation that the Allahabad High Court had upheld on 10 March 2025. On 19 May 2025, the Supreme Court allowed YEIDA and the Allahabad High Court-constituted Committee to continue with the High Court's directions, but ruled that no decision taken under those directions can be implemented without the Supreme Court's permission. The Resolution Professional was also directed to share full information about the homebuyers and the company with YEIDA/Committee on written request. The next hearing is scheduled for 29 July 2025, and the company has stated that the financial implications of the order are not ascertainable at this stage.
Shareholders get temporary relief as the Supreme Court has effectively stayed the execution of the High Court's directions, but the underlying land cancellation still stands and the company remains under insolvency proceedings. The outcome remains uncertain and will only be clearer after the 29 July 2025 hearing, keeping the stock high-risk.