Jaypee de­posits 100cr, SC asks for an­other 100cr by May 10

The Times of India (New Delhi edition) - - TIMES CITY - Dhanan­jay.Ma­ha­p­a­tra@ times­group.com

New Delhi: The Supreme Court on Mon­day asked Jaiprakash As­so­ci­ates Ltd (JAL) to de­posit an ad­di­tional Rs 100 crore in court by May 10 af­ter be­ing in­formed that Rs 100 crore had been paid, tak­ing its to­tal de­posit to Rs 650 crore, which will be used to re­fund home­buy­ers left in the lurch by de­layed hous­ing pro­jects.

JAL’s coun­sel Anu­pam Lal Das sought per­mis­sion from the SC for two di­rec­tors of the com­pany — Pankaj Gaur and Sunny Gaur — to travel abroad. A bench of Chief Jus­tice Di­pak Misra and Jus­tices A M Khan­wilkar and D Y Chan­drachud per­mit­ted the di­rec­tors to go abroad but put in a caveat, “If the amount of Rs 100 crore is not de­posited by May 10, steps will be taken to at­tach per­sonal prop­er­ties of those di­rec­tors.”

Das con­tested the se­lec­tion of bid­der to com­plete the pro­jects by the Com­mit­tee of Cred­i­tors and the In­terim Res­o­lu­tion Pro­fes­sional (IRP), who have taken over the as­sets of Jaypee In­fras­truc­ture af­ter in­sol­vency and bankruptcy pro­ceed­ings were brought against it be­fore NCLT, Al­la­habad, by a con­sor­tium of banks led by IDBI Bank. He said the fi­nalised bid­der pro­tected the in­ter­ests of fi­nan­cial in­sti­tu­tions rather than home­buy­ers.

Das said JAL had pro­posed to fin­ish the hous­ing pro­jects in three years as against the bid­der’s pro­posal to do it in five and a half years. He ac­cused the Com­mit­tee of Cred­i­tors and the IRP of not con­sid­er­ing JAL’s pro­posal.

The SC asked se­nior ad­vo­cate Parag Tri­pathi, ap­pear­ing for the IRP, to con­sider JAL’s pro­posal in ac­cor­dance with law de­spite Tri­pathi clar­i­fy­ing that JAL’s pro­posal was statu­to­rily barred from be­ing con­sid­ered. The court also said the IRP would be at lib­erty to fi­nalise the res­o­lu­tion plan for Jaypee In­frat­ech while re­it­er­at­ing that the fi­nal res­o­lu­tion plan would be vet­ted by the SC.

The bench asked am­i­cus cu­riae Pawan Shree Agrawal to com­plete the project-wise chart of home­buy­ers and iden­tify those who want houses and those who pre­fer re­fund by May 11. Agrawal had in­formed the court on March 21 that 2,800 home­buy­ers had reg­is­tered on the por­tal cre­ated on the SC’s or­der and sought re­fund. He had said Rs 1,300 crore would be needed to re­fund only the prin­ci­pal amount to home­buy­ers.

Ap­pear­ing for around 2,500 home­buy­ers reg­is­tered with nine as­so­ci­a­tions, se­nior ad­vo­cate Jayant Bhushan said un­der RERA, the res­o­lu­tion pro­posal needed ap­proval from two-thirds of home­buy­ers.

SC al­lowed two di­rec­tors of the com­pany to travel abroad, but with riders

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