Jaypee told to deposit ₹100 crore by May 10

The Supreme Court on Monday asked realty firm Jaiprakash Associates Limited (JAL) to deposit ₹100 crore with its registry by May 10 to pay back the hassled homebuyers who have opted for refund, instead of possession of flats.

A Bench headed by Chief Justice Dipak Misra considered the submission of JAL that in pursuance of the March 21 order, it has already deposited ₹100 crore with the registry on April 12.

Two installments

The court, on March 21, had asked JAL to deposit ₹200 crore with its registry in two installments.

It had asked JAL to deposit ₹100 crore by April 15 and the rest by May 10.

“M/s JAL is at liberty to submit a representation to the competent authority. The representation shall be considered in accordance with law. We specifically make it clear that we have not expressed any opinion on that score,” the Bench said.

The realty firm said it has been completing 500 dwelling units for delivery to the homebuyers every month and its representation be considered by the Insolvency Resolution Professional (IRP) as per law.

The top court, meanwhile, has also granted permission to Pankaj Gaur, Joint Managing Director of JAL and Sunny Gaur, Managing Director of JAL, to travel abroad.