SC directs Jaypee Associates to deposit Rs 100 crore by May 10

New Delhi: The Supreme Court on Monday directed Jaiprakash Associates Limited (JAL) to deposit Rs 100 crore with its Registry by May 10 as a part payment of the amount required to pay the principal amount to 2,800 home buyers seeking refund.

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.

SC has directed Insolvency Resolution Person to consider representation of JAL as per law.

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 refund.

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