Jaypee Group submits Rs 150 crore more to SC, gets time to deposit remaining amount

NEW DELHI: Embattled realty firm Jaiprakash Associate Limited (JAL) on Friday deposited Rs 150 crore in the Supreme Court to safeguard the interests of hassled home buyers. JAL has deposited Rs 425 crore with the apex court registry so far

However, it sought more time to deposit the remaining Rs 125 crore which it has to pay by December 31. Granting extension till January 25, 2018, the court said that non-compliance of its order would make it liable for contempt of court. The court will hear the mater on February 1 next year.

Earlier on Thursday, the group had deposited Rs 150 crore in the apex court registry in pursuance of a direction aimed at protecting the interests of home buyers.

The court had on November 22 accepted a demand draft of Rs 275 crore submitted by the real estate firm and directed it to pay another two tranches of Rs 150 crore and Rs 125 crore respectively by December 14 and 31.

The court had had restrained 13 directors -- five promoters and eight independent directors -- from alienating their personal properties as well as that of their immediate family members.

The apex court's direction that the directors shall not alienate their or their family members' personal properties in any manner implies freezing of their assets.

The JAL directors had filed affidavits giving details of their personal assets and they are now required to appear again on January 10.

The apex court, on November 13, had also restrained the managing director and the directors of Jaypee Infratech Ltd from travelling abroad without prior permission.

The court had asked Jaypee Infratech to hand over the records to the interim resolution professional (IRP) to draft a resolution plan indicating protection of interests of over 32,000 hassled home buyers and creditors.

Homebuyers including one Chitra Sharma, through lawyer Ashwarya Sinha, had moved the apex court saying around 32,000 people had booked their flats and are now paying instalments.

Hundreds of home buyers have been left in the lurch after the National Company Law Tribunal (NCLT), on August 10, 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 said.