The Supreme Court on Wednesday asked Jaiprakash Associates Ltd (JAL) to deposit Rs 600 crore in order to pay back loans of home-buyers. The ruling has come after the real estate company could not able to deposit Rs 1000 crore in order to pay to home-buyers. The Supreme Court conveyed it to the consular representing the real estate company FS Nariman to ask its client about depositing Rs 600 crore with Supreme Court’s registry. Hearing the matter, the top court said that once the real estate firm pays the required amount, it would bring the National Law Tribunal (NCLT) bench to look into the matter of firm’s plea on the revival and restructuring of Jaypee Infratech Ltd (JIL).
The court had earlier asked JAL to submit Rs 750 crore which it did with top court’s registry by June 15. However, the top court on May 16 asked for paying Rs 1000 crore so that the amount is refunded to the home buyers who opted for a refund. However, the firm on Wednesday informed the court that it has already submitted Rs 750 crore, however, it could not deposit Rs 1000 crore.
The Court after hearing firm’s response asked it to establish its bonafide by paying the money and inform it to the court about its stand on paying Rs 600 crore by July 13, which is next of hearing in the case.
The Supreme Court has earlier asked the real estate firms about its development in constructing housing projects. It also asked the firm eighter to pay back money of home buyers or give them houses. The Supreme Court bench comprised of Chief Justice Dipak Misra, Justice AM Khanwilkar and Justice DY Chandrachud was hearing the case.