Deposit ₹200cr by May 10, SC orders Jaypee
NEW DELHI: The SC on Wednesday asked Jaypee Associates Limited, the parent company of real estate major Jaypee Infratech Limited, to deposit ~200 cr in two instalments to pay back 2,800 home buyers who have opted for refunds instead of taking possession of flats. A bench of CJI Dipak Misra and Justices AM Khanwilkar and DY Chandrachud said ~100 crore would be deposited by April 15 and remaining ~100 cr by May 10.
NEWDELHI:The Supreme Court on Wednesday asked Jaypee Associates Limited (JAL), the parent company of real estate major Jaypee Infratech Limited (JIL), to deposit Rs 200 crore in two instalments to pay back 2,800 home buyers who have opted for refunds instead of taking possession of flats.
A bench of Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud said Rs 100 crore would be deposited by April 15 and the remaining Rs 100 crore by May 10. The apex court also asked for a list of homebuyers who have sought refunds.
The top court also indicated that it will order disbursal of the amount on pro-rata basis on the next hearing, which is on April 16.
It was also clarified that the court will entertain requests of only those people who have updated their details on the portal started to maintain a data of homebuyers.
On being told that the developer had raised demands to the home buyers seeking refund of their money, the court stopped the company from doing so. It also stayed the demands raised in the last three months.
The bench refused to entertain JAL’s opposition to refund and said the company cannot sit on people’s money. “We are only concerned with those who are not interested in your projects and that is why we have intervened. Those who want to remain with you can continue,” the bench said.
The SC is hearing petitions against the insolvency proceedings that began after the IDBI Bank approached the Allahabad bench of the National Company Law Tribunal (NCLT) with a complaint that JIL had defaulted in making payments. Taking note of the homebuyers’ petition, the court had first stayed the proceedings in the NCLT.
JAL was later asked to deposit ₹2,000 crore with the court to safeguard interests of flat owners.
Advocate Pawan Shree Agrawal, assisting the court in the matter, said JAL had so far deposited ₹550 crore with the registry. As per his calculation , another ₹1,300 crore is required to refund the principal sum for those who want to opt out of the housing projects. The court asked him to prepare a project-wise chart, indicating the number of flat buyers and stage of completion and place it before the court on April 16. Although the bench allowed the interim resolution professional (IRP) – appointed after insolvency proceedings started against JIL – to proceed with the finalisation of the resolution plan, it said the same shall be implemented after taking leave of the top court.