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Supreme Court orders Jaypee to deposit Rs. 200 crore by May 10

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Nimrat Kaur
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Supreme Court orders Jaypee to deposit Rs. 200 crore by May 10
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The Supreme Court on Wednesday ordered Jaypee Associates to deposit Rs 200 crore by May 10 and also asked for a list of homebuyers who have sought refund. Jaypee Associates is the parent company of embattled real-estate major Jaypee Infratech. The next hearing of the case will be on April 15. The bench headed by Chief Justice Dipak Misra asked the real-estate major to deposit Rs 100 crore by April 15 and the rest by May 10. The bench also stayed all notices for demands raised by the developers to the home buyers seeking refund for homes that have not been delivered or have been delayed. “At present we are concerned with the refund and will take later the issue raised by home buyers who want delivery of flats,” the top court said. Meanwhile, JAL 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. The firm had on January 25 deposited Rs 125 crore in the Supreme Court after being directed to do so to safeguard the interests of home buyers. Home buyers, including Chitra Sharma, had moved the apex court saying around 32,000 people had booked their flats and were now paying installments. Hundreds of home buyers have been 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, the plea has said. -PTC News-
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