SC directs Jaiprakash Associates to deposit Rs200 crore by May 10

Supreme Court

Supreme Court

On Wednesday, the bench, led by Chief Justice Dipak Misra, asked the company to submit a list of all buyers of its flats who had sought refund for flats that were still incomplete.

As of now, the Jaiprakash Associates has deposited Rs 550 crore out of a total of Rs 2,000 crore ordered by the apex court. The court asked the realty company to deposit the first instalment of Rs 100 crore by April 6.

JAL, represented in court by advocate Anupam Lal Das, informed the court that nearly 92 per cent of homebuyers were willing to get possession of flats. The court will hear the case next on April 16.

The court also asked the amicus curiae, Pawan Shree Agrawal, to prepare a project-wise chart of those seeking refund.

The bench, comprising justices A M Khanwilkar and D Y Chandrachud, also stayed all notices for demands raised by the developers to the home buyers seeking refund for homes that have not been delivered or have been delayed. Das brought a proposal to court that the company was willing to complete its projects by arranging funds. This way, all homebuyers will be returned their amount.

The Bench said that it had directed JAL in November 2017 that irrespective of the insolvency proceeding, the holding company must deposit a sum of Rs 2,000 crore. He informed the court that in all, the principal amount of refund will come to Rs 1,300 crore.

The apex court said that they now are hearing the case of buyers looking for refund and next hearing will be held for buyers who are looking for possession.

The apex court will also announce the name of the representative of homebuyers to participate in the meetings of the committee of creditors to "espouse the cause of home buyers and protect their interests".

The court was hearing a public interest litigation case filed by Delhi-based Chitra Sharma along with 23 other home buyers through their lawyer Ashwarya Sinha. "You can't sit over their money".

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