Real Estate

Supreme Court asks Jaypee Associates to deposit Rs 1,000 cr more by June 15

PTI New Delhi | Updated on May 16, 2018

The Supreme Court today asked realty firm Jaiprakash Associates Ltd (JAL) to deposit an additional Rs 1,000 crore with its Registry by June 15 for ensuring refund of money to hassled home buyers.

On submission of this amount, liquidation proceedings against Jaypee Infratech Ltd (JIL), a subsidiary of holding company JAL, would remain stayed, a bench headed by Chief Justice Dipak Misra said.

The bench, which also comprises Justices A M Khanwilkar and D Y Chandrachud, said if there was any default in depositing the money by June 15, statutory proceedings against JIL, a firm which has been facing insolvency proceedings, shall proceed.

The apex court had earlier directed JAL to deposit Rs 2,000 crore with the apex court Registry. So far, the real estate firm has deposited Rs 750 crore.

Published on May 16, 2018

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