Complying with the Supreme Court order, embattled real estate firm Jaiprakash Associates Ltd (JAL) deposited Rs 100 crore with the Supreme Court registry on Wednesday, sources said, adding that the company has deposited a total of Rs 750 crore out of Rs 2000 crore.
The apex court had on April 16 directed Jaiprakash Associates Ltd (JAL) to deposit Rs 100 crore with its Registry by May 10. The next date of hearing is on May 11.
The amount is part of the Rs 2,000 crore the top court had directed Jaypee Associates to deposit with its registry to pay the homebuyers of Jaypee Infratech seeking a refund of their money.
Thousands of homebuyers, who had invested in projects floated by Jaypee Infratech for almost a decade, had moved the apex court. The NCLT had on August 10 last year admitted IDBI Bank's plea to initiate insolvency proceedings against the debt-ridden Jaypee Infratech for defaulting on a Rs 526-crore loan.
Homebuyers, however, are not satisfied.
“Manoj Gaur has passionately made a bid of Rs 10,000 crore for reclaiming Jaypee Infratech. Why isn’t the payment of Rs 2000 crore directed by the Supreme Court being made in a single shot? Further, it has taken almost eight months to deposit about one-third of the required amount and it seems that home buyers sufferings will be stretched further if Supreme Court does not take punitive action,” said Abhishek Dubey, a lawyer based out of Delhi and a buyer himself.
The amount deposited by JAL should be utilised for payment of delay penalty to the home buyers. The winning bidder shall refund Rs 1300 crore (calculated at 2009-2010 price) to refund seekers because it will get to keep the inventory of flats and sell them afresh at the prevailing market price with a premium because of the Jewar airport. Supreme Court should look at this aspect in the May 11 hearing, said Dubey.
Earlier, the bench headed by Chief Justice Deepak Misra had directed the company to deposit Rs 100 crore by April 16 and the rest by May 10. The Supreme Court had asked it to submit a project-wise chart of home buyers seeking refund so that the amount can be dispersed on pro-rata basis.
"At present we are concerned with the refund and will take later the issue raised by home buyers who want delivery of flats," the top court had said.
Jaiprakash Associates had then informed that only 8 percent of 31,000 home buyers have opted for refund and rest want the possession of flats.
The Supreme Court on December 15 had granted JAL time till January 25, 2018 to deposit Rs 125 crore for safeguarding the interests of hassled home buyers. JAL had deposited Rs 425 crore with the Apex Court registry by December 15, and had to deposit another Rs 125 crore by December 31. It had then asked for a two-month extension.
Earlier this week (May 2018), Jaypee Group promoter Manoj Gaur made an offer of over Rs 10,000 crore to the lenders of Jaypee Infratech.
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