Business Standard

Deposit Rs 1,000 cr by June 15, SC tells Jaiprakash Associates

IANS  |  New Delhi 

The on Wednesday directed (JAL) to Rs 1,000 crore with its registry by June 15, to pay back to the home buyers who have opted for refund.

A bench of Dipak Misra, Justice and Justice asked the firm that on submitting Rs 1,000 crore, the liquidation proceedings against (JIL), a subsidiary of holding company Jaiprakash Associates, would remain stayed.

However, failure to the amount would result in the start of insolvency proceedings against JIL, said the bench.

JIL is facing insolvency proceedings.

Earlier, the court had directed Jaiprakash Associates to Rs 2,000 crore with its registry.

has deposited Rs 750 crore with the apex court registry so far.

The for asked the apex court that its resolution plan for revival of Jaypee, which the home buyers are opposed to, should be considered afresh by lending banks or the (CoC).

He said had proposed to offer 2,000 equity shares of JIL to each as part of its Rs 10,000 crore proposal to revive it.

JAL had sought a direction for restraining the (NLCT) at from proceeding further with the insolvency proceedings.

Earlier, the bench had sought from JAL details of its housing projects in the country and said that the home buyers should either get their houses or their money back.

The court was hearing the pleas of home buyers contending that people had booked flats and were now paying instalments.

--IANS

gt/nir/bg

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 16 2018. 19:54 IST
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