SC directs Jaypee Associates to deposit Rs 200 crore by May 10

New Delhi: The Supreme Court on Wednesday directed Jaiprakash Associate Limited (JAL) to deposit Rs 200 crore as a part payment of the amount required to pay the principal amount to 2,800 home buyers seeking refund.

The apex court has asked JAL to deposit the amount in two installments by May 10. “The real-estate major will have to deposit Rs 100 crore by April 6 and another Rs 100 crore by May 10,” a bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud said.

Directing the next hearing of the matter on April 15 to see whether its order has been complied with, the court said that the amount so collected would be distributed to the home buyers seeking refund on pro rata basis.

The court also stayed all notices for demands raised by the developers to the home buyers seeking refund of their money.

JAL has meanwhile 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.