The Supreme Court on Monday directed realty firm Jaiprakash Associates Limited (JAL) to deposit Rs 100 crore with its Registry by May 10. The JAL, howveer told the court that it has already deposited the same on April 12 in pursuance of an earlier order, according to PTI.
The top court also directed the Insolvency Resolution Professional (IRP) to consider representation of JAL as per the law. A bench headed by Chief Justice of India Dipak Misra is hearing the case.
Seeking to consider its revival proposal, JAL, the holding firm of Jaypee Infratech Ltd (JIL), told SC that it has been completing 500 houses per month.
The Supreme Court had on March 21 asked the firm to deposit Rs 200 crore with its registry in two instalments for paying back home buyers, who have opted for refund instead of getting possession of flats.
The real estate major had said it had deposited Rs 550 crore till then. The firm had also sought indulgence by the court on the ground that only eight per cent of the over 30,000 home-buyers had opted for refund and rest 92 per cent wanted delivery of flats. To safeguard the interests of home buyers, the firm had, on January 25, deposited Rs 125 crore in the Supreme Court, after being directed to do so.
On January 10, the court had directed JAL to provide details of its housing projects in the country, saying home buyers 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.
Home buyers, including Chitra Sharma, had moved the apex court, stating that around 32,000 people had booked flats and were now paying instalments. The plea had further stated that hundreds of home buyers were left in the lurch after the NCLT, on August 10 last year, admitted the IDBI Bank’s plea to initiate insolvency proceedings against the debt-ridden realty company for defaulting on a Rs 526-crore loan.
(With inputs from PTI)