SC: Shocked to see the manner of arrest of IRP for Jaypee Infratech

New Delhi, March 2 : The Supreme Court on Tuesday ordered the immediate release of court-appointed interim resolution professional (IRP) for managing the affairs of debt-ridden Jaypee Infratch Limited (JIL).
The top court said that it was appalled by Jain’s arrest in a criminal case by the Uttar Pradesh police and also issued notice to the erring cop.
A bench comprising Justices A.M. Khanwilkar and Dinesh Maheshwari said: “We are appalled to see that the manner in which the Uttar Pradesh Police have handled this case emanating from FIR No. 0098/2021, registered at Police Station Beta-II in District Greater Noida, including to take the extreme step to arrest the interim resolution professional, Anuj Jain, who was working in that capacity pursuant to the order passed by the court and entrusted with the functioning of the company in question.” The bench noted that the police officer dealing with the case doesn’t seem to be familiar with the provision of privilege of the interim resolution professional appointed by the court in terms of Section 233 of the Insolvency and Bankruptcy Code.
R.K. Raizada, senior counsel appearing for UP government, submitted that the investigating officer, Bijendra Singh, was of the view that Jain may leave India at any time to avoid prosecution and for securing his presence, he thought it necessary to arrest him from Mumbai.
The bench said that it will examine this aspect of the matter elaborately at an appropriate time by treating this application as substantive writ petition filed by the applicant under Article 32 of the Constitution.