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JP Associates deposits Rs 100 cr in home buyers' case

Press Trust of India  |  New Delhi 

Crisis-hit has deposited Rs 100 crore as per the direction of the in the case related to delays in delivery of flats by its subsidiary, according to sources.

On March 21, the apex court had asked the company to deposit Rs 200 crore in two instalments.

The flagship company of the has now deposited a total of Rs 650 crore in the registry of the

The bench headed by had directed the company to deposit Rs 100 crore by April 16 and the rest by May 10.

The had asked it to submit a project-wise chart of seeking refund so that the amount can be dispersed on pro-rata basis.

"At present we are concerned with the refund and will take later the issue raised by who want delivery of flats," the top court had said.

had informed that only 8 per cent of 31,000 have opted for refund and rest want the possession of flats.

subsidiary company is developing various projects in Noida and Greater Noida.

Thousands of home buyers are stuck after the (NCLT) had last year admitted the IDBI's to initiate insolvency proceedings against the debt ridden

is targeting to complete the construction of pending 24,000 flats in Noida by 2020 at a cost of about Rs 8,000 crore and deliver it to home buyers.

Of the Rs 8,000 crore needed to complete the flats, Rs 6,000 crore would come from home buyers while another Rs 2,000-2,500 crore needs to be infused, Jaypee had said earlier this year.

In 2007, started the development of 32,000 flats and plots in its township at Noida, of which nearly 8,000 units have been delivered so far.

Of the total flats/plots, Jaypee Infratech, which has already gone into insolvency, began work on 28,000 units while the remaining 4,000 units were with Jaiprakash Associates.

The group is facing huge protest from home buyers due to delays in delivery of projects.

Jaypee Infratech, which is into road construction and business, has constructed the Yamuna Expressway, connecting and

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

First Published: Thu, April 12 2018. 17:20 IST