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News Analysis

SC Asks Jaypee Associates To Deposit Rs 200 Cr By May 10, Restrains Realty Firm from Sending Default Payment Notices To Homebuyers

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.

SC Asks Jaypee Associates To Deposit Rs 200 Cr By May 10,  Restrains Realty Firm from Sending Default Payment Notices To Homebuyers
| File Photo
SC Asks Jaypee Associates To Deposit Rs 200 Cr By May 10, Restrains Realty Firm from Sending Default Payment Notices To Homebuyers
outlookindia.com
2018-03-21T13:57:24+05:30

The Supreme Court today asked the embattled realty firm Jaiprakash Associates Limited (JAL) to deposit Rs 200 crore in two installments by May 10.

The bench headed by Chief Justice Dipak Misra asked the real-estate major to deposit Rs 100 crore by April 6 and the rest by May 10.

The bench, comprising justices A M Khanwilkar and D Y Chandrachud, also asked the firm not to send any notices for default in payment of EMIs to home buyers who have opted for refund.

The top court asked JAL to submit a project-wise chart of home buyers seeking refund so that the amount can be dispersed on pro-rata basis.

"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 also told the court that it has received/sought occupation certificate with regard to 13,500 flats so far in 2017-18.

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.

The top court had on January 10 directed JAL, the holding firm of Jaypee Infratech Ltd (JIL), 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 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 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.

PTI

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