The Supreme Court on Wednesday asked infrastructure major Jaiprakash Associate Limited (JAL) embroiled in a multi-crore debt case to file a list of its ongoing housing projects in the country. Reiterating its direction restraining JAL directors from alienating their personal properties, the apex court also ordered creation of a portal for registering grievances of homebuyers of realty group JAL, a PTI report said today.
The Reserve Bank of India had approached the highest court on Monday with a plea to start insolvency proceedings against the group. However, the bench headed by Chief Justice Dipak Misra, said it would decide at a later stage the RBI application seeking its nod to file insolvency proceedings before the National Company Law Tribunal (NCLT) against JAL.
The bench also reiterated its earlier direction that neither would the independent directors leave the country without its prior nod, nor would they alienate or create third party interests in their personal properties, the agency reported.
Senior advocate Mukul Rohatgi and lawyer Anupam Lal Das, representing the group, said they have sold several properties and were in the midst of loan restructuring. JAL would be depositing Rs 125 crore more by January 25 as directed by the apex court on December 15 last year to safeguard the interests of hassled homebuyers, they said.
So far, the group has deposited Rs 425 crore with the Supreme court registry.
Earlier this month, a senior company official had said that the debt-ridden group is targeting to complete the construction of pending 24,000 flats in Noida by 2020 at a cost of about Rs 8,000 crore and deliver it to home buyers.
An ANI report said that the Supreme Court has fixed the matter for February 5 for further hearing. It said that it would later deal with RBI’s plea seeking its nod to move NCLT to initiate insolvency proceedings against JAL, PTI reported.