The Supreme Court asked Jaiprakash Associates Limited (JAL) to deposit Rs. 200 crore rupees to secure the payment of money of home buyers seeking refund. The Apex court on 10th January, 2018 directed JAL to provide details of the housing projects stating that either home buyers should get the possession or the company should refund the money back to them.The firm on 25th January deposited Rs. 125 crore to safeguard the interest of home buyers as directed by the Court. The Top Court refused the hearing of Reserve Bank of India’s plea to initiate the insolvency proceeding against JAL in National Company Law Tribunal (NCLT)
The bench comprising CJI Dipak Misra and Justices DY Chandrachud and AM Khanwilkar on 21st March, 2018 asked the real estate company to deposit the money in two installments i.e. first installment of Rs. 100 crore by April 6, 2018 and the rest money by May 10, 2018. It also told the firm not to issue any notice regarding default of payment of installment to the people seeking refund. The bench also demanded to submit a project wise chart of home buyers who are seeking refund so the money can be dispersed on pro-rata basis to which they replied that only 8% of the total 31,000 buyers i.e. 2800 wants refund of the money. The orders came when the court was hearing a batch of petitions including the petition filed by Chitra Sharma who is also a home buyer in Jaypee Infratech project.
The matter is listed on 16th April, 2018 for next hearing.
Courtesy/By: Bhupendra Yadav
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23 Mar 2018
