Apex Court directs Jaiprakash Associates to deposit Rs. 100 crore with its registry by May 10

April 16, 2018

The Apex Court has directed realty firm Jaiprakash Associates Ltd. (JAL) to deposit Rs. 100 crore with its registry by May 10. The Bench headed by Chief Justice of India Dipak Misra further asked the Insolvency Resolution Professional (IRP) to consider the representation of JAL on revival plans as per law. Meanwhile, counsel for the firm told the court that it had deposited Rs. 100 crore on April 12 in pursuance of an earlier order. Moreover, the firm also sought to consider its revival proposal, saying it has been completing 500 houses a month. The court, on March 21, asked JAL to deposit Rs. 200 crore with its registry in 2 installments for paying back homebuyers, who have opted for a refund instead of getting possession of flats. The real estate major had said it had deposited Rs. 550 crore so far with the court registry and sought indulgence on the ground that only 8% of over 30,000 homebuyers had opted for a refund and rest 92% wanted delivery of flats. The firm, on January 25, deposited Rs. 125 crore in the Supreme Court, after being directed to do so, to safeguard the interests of homebuyers. Court seeks details of housing projects The court, on January 10, directed JAL, the holding firm of Jaypee Infratech Ltd. (JIL), to provide details of its housing projects in the country, saying homebuyers should either get their houses or their money back. It had refused to accord an urgent hearing on a plea of the Reserve Bank of India, seeking its nod to initiate insolvency proceedings before the National Company Law Tribunal (NCLT) against JAL, saying it would be dealt with at a later stage. Homebuyers, including Chitra Sharma, had moved the apex court, stating that around 32,000 people had booked flats and were now paying installments. The plea further stated that hundreds of homebuyers were left in the lurch after the NCLT, on August 10, 2017, admitted the IDBI Bank's plea to initiate insolvency proceedings against the debt-ridden realty company for defaulting on Rs. 526-crore loan.

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Apex Court directs Jaiprakash Associates to deposit Rs. 100 crore with its registry by May 10

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