Deposit ₹1,000cr by November 13, SC tells Jaypee

NEWDELHI: The Supreme Court on Monday asked Jaypee Associates to deposit at least ₹1,000 crore for protecting the interests of homebuyers of projects in Noida and Greater Noida that the real estate company failed to deliver.

Jaypee pleaded that it be allowed to deposit ₹400 crore by Friday but the court turned down the request.

A bench headed by Chief Justice Dipak Misra had asked the firm on September 11 to deposit ₹2,000 crore with the registry by October 27. The deadline was later extended to November 5.

Jaypee said on Monday that such a big amount was not possible as the company doesn’t have huge liquid funds.

The bench then suggested an amount of at least ₹1,000 crore, which Jaypee was told to deposit by November 13.

“Arrange whatever money you can arrange, but it must be a bona fide exercise,” the bench said when Jaypee’s lawyer argued the shareholders’ consent would be needed to sell assets of the group.