Business

Supreme Court Orders Jaiprakash Associates To Deposit Rs 100 Cr By May 10

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| April 16 , 2018 , 19:21 IST

The Supreme Court of India on Monday directed Jaiprakash Associates Limited (JAL) to deposit Rs 100 Crore with its registry by May 10. This sum is a part payment of the principal amount to 2,800 home buyers seeking a refund.

The bench headed by Chief Justice Dipak Misra also directed the Insolvency Resolution Professional (IRP) to consider the representation of JAL on revival plans as per law.

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JAL in response told the apex court that it has already deposited Rs 100 crore on April 12 in pursuance of an earlier order. JAL has also told the SC that it has been completing 500 houses per month and seeks consideration of its revival proposal.

The SC had asked Jaiprakash Associates Limited to deposit Rs 200 Crore in two installments to pay back their home buyers, who had opted for a refund.

In the last hearing on March 21, JAL had told the court that it received/sought occupation certificate for 13,500 flats in 2017-18. The company apprised the court that 8 percent home buyers have opted for a refund.

The next hearing on the case has been scheduled for May 11.