SC asks Jaiprakash Associates Ltd to deposit Rs 100 cr by May 10

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The Supreme Court today asked realty firm Jaiprakash Associates Limited (JAL) to deposit Rs 100 crore with its registry by May 10 to pay back the hassled home buyers who have opted for refund, instead of possession of flats.

A bench headed by Chief Justice Dipak Misra considered the submission of JAL that in pursuance of the March 21 order, it has already deposited Rs 100 crore with the registry on April 12.

The court, on March 21, had asked JAL to deposit Rs 200 crore with its registry in two instalments. It had asked it to deposit Rs 100 crore by April 15 and the rest by May 10.

"M/s JAL is at liberty to submit a representation to the competent authority. The representation shall be considered in accordance with law. We specifically make it clear that we have not expressed any opinion on that score," the bench, also comprising Justices A M Khanwilkar and D Y Chandrachud, said.

The realty firm said it has been completing 500 dwelling units for delivery to the home buyers every month and its representation be considered by the Insolvency Resolution Professional (IRP) as per law.

The top court, meanwhile, granted permission to Pankaj Gaur, Joint Managing Director of JAL and Sunny Gaur, Managing Director of JAL, to travel abroad.

"This IA (interim application) has been filed for grant of permission to Pankaj Gaur... to travel to Bhutan and Nepal on multiple occasions between a period of three months. The prayer stands allowed in terms of additional affidavit," it said.

"This plea has been filed seeking permission on behalf of Sunny Gaur...

to travel to the United Kingdom between April 14 and April 30, 2018. Prayer, ...stands allowed," it said.

The court, however, said, "if the amount, as directed, is not deposited within the time granted, steps shall be taken to attach the personal properties of those directors."