SC directs Jaypee Associates to deposit Rs 200 cr

The Supreme Court on Wednesday directed the Jaypee Associates to deposit Rs 200 crore as a part payment of the amount required to pay the principal amount to 2,800 home buyers seeking refund.

A bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud said that Rs 100 crore would be deposited by April 15 and the remaining Rs 100 crore by May 10.

Directing the deposit of Rs 200 crore, the court said that its earlier order directing deposit of Rs 2,000 crore has not been complied with so far as it was told that the firm had already deposited Rs 550 crore with the court's registry.

While ordering the deposit of Rs 200 crore, the court said: "We would intend to make it absolutely clear that, for the present, we are only concerned with those home buyers who intend to have refund."

Amicus curiae Pawan Shree Agrawal told the bench that Rs 1,300 crore would be required to refund the principal amount to 2,800 home buyers seeking refunds and this figure is as per the records of the company.

The court asked him to prepare a projectwise chart indicating the number of persons in each project seeking refund so that appropriate order can be passed for disbursement of the amount on pro-rata basis.

Asking the amicus curiae to keep the portal operational, the court said that the request for the refunbd of money would be considered, at this stage, only those home buyers who have sought refund as of date.

In the next phase, the court said: "We may consider the grievances, if any, of the home buyers who intend to have the flats."

Directing the next hearing of the matter on April 15 to see whether its order has been complied with, the court said that the amount so collected would be distributed to the home buyers seeking refund on pro rata basis.

The court also stayed all notices for demands raised by the developers to the home buyers seeking refund of their money.

The IRP may proceed to finalise the resolution plan but the same shall be implemented after taking leave of this Court, the order said.

As senior counsel Shekhar Naphade, who was representing the home buyers in the committee of creditor expressed his inability to continue, the court appointed lawyer Gaurav Agrawal in his place, saying he would be guided by its previous orders.

--IANS

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