Deposit Rs 200 crore by May 10: Supreme Court to Jaypeehttps://indianexpress.com/article/cities/delhi/deposit-200-crore-by-may-10-supreme-court-to-jaypee/

Deposit Rs 200 crore by May 10: Supreme Court to Jaypee

The court took note of complaints by home buyers who said the developer was demanding monthly instalments from them for outstanding payments, and restrained it from doing this.

Deposit `200 crore by May 10: Supreme Court to Jaypee
The first instalment of Rs 100 crore shall be deposited by April 15, 2018 , Supreme court ordered Jaypee. (File)

The Supreme Court Wednesday asked realty firm Jaiprakash Associates Limited (JAL), which is facing lawsuits by home buyers seeking refund of their money, to deposit Rs 200 crore in the court Registry by May 10. A three-judge bench of Chief Justice Dipak Misra, Justice A M Khanwilkar and Justice D Y Chandrachud ordered, “JAL shall deposit a further sum of Rs 200 crore in two instalments, as agreed by the Managing Director who is present in court today. The first instalment of Rs 100 crore shall be deposited by April 15, 2018 and the second instalment of Rs 100 crore shall be deposited by May 10, 2018.”

The court took note of complaints by home buyers who said the developer was demanding monthly instalments from them for outstanding payments, and restrained it from doing this.

“We direct that no demand towards outstanding or future instalments shall be raised by the developer to the flat buyers who have, as of today, expressed the option to obtain refund. The demands raised by the developer in respect of the home buyers who have already opted for refund till today, shall remain stayed,” it said.

The court added, “We would intend to make it absolutely clear that we are only concerned with those home buyers who intend to get refund.” JAL, meanwhile, informed the apex court that only eight per cent of 31,000 home buyers have opted for refund and the rest want possession of flats.