SC asks Jaiprakash Associates to deposit additional Rs 1,000 cr by 15 June; so far realty firm has deposited only Rs 750 cr
On submission of this amount, the liquidation proceedings against Jaypee Infratech limited (JIL), a subsidiary of holding company JAL, shall remain stayed,
The Supreme Court today asked realty firm Jaiprakash Associates Limited (JAL) to deposit an additional Rs 1,000 crore with its Registry by June 15 for ensuring refund of money to the hassled home buyers.
On submission of this amount, the liquidation proceedings against Jaypee Infratech limited (JIL), a subsidiary of holding company JAL, shall remain stayed, a bench headed by Chief Justice Dipak Misra said.
The bench, which also comprised Justices A M Khanwilkar and D Y Chandrachud, said if there was any default in depositing the money by 15 June, the statutory proceedings against JIL, a firm which has been facing insolvency proceedings, shall proceed.
The apex court had earlier directed JAL to deposit Rs 2,000 crore with the apex court Registry. So far, the real estate firm has deposited Rs 750 crore.
The Bombay High Court, on 14 August this year, had stayed the operation of sub-rules (1) and (3) of Rule 9 of the said Rules of 2021, the bench pointed out
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