Jai Prakash Associates submits Rs 1 bn to Supreme Court

Beleaguered real estate developer Jai Prakash Associates (JP) submitted another instalment of Rs 1 billion into the homebuyers’ escrow account to the Supreme Court, the company said. Till now, the firm has deposited around Rs 6.5 billion to the court. 

The court had on March 21 asked it to deposit Rs 2 billion with its registry in two instalments. It had asked JP to deposit Rs 1 billion by April 15 and the rest by May 10. Also, what can be a shot in the arm for the company, the court in its order on Monday said JP was at liberty to submit its bid for retaining Jaypee Infratech with itself to the competent authority, which in this case is the NCLT.