Jaiprakash as­so­ci­ates de­posits Rs 100 crore in sc

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

The flag­ship com­pany of the Jaypee group has now de­posited a to­tal of Rs 650 crore in the registry of the Supreme Court. The bench headed by Chief Jus­tice Deepak Misra had di­rected the com­pany to de­posit Rs 100 crore by April 16 and the rest by May 10. The Supreme Court had asked it to sub­mit a pro­ject-wise chart of home buy­ers seek­ing re­fund so that the amount can be dis­persed on pro-rata bas­jaiprakash As­so­ci­ates had in­formed that only 8 per cent of 31,000 home buy­ers have opted for re­fund and rest want the pos­ses­sion of flats. Jaiprakash As­so­ci­ates sub­sidiary com­pany Jaypee­in­frat­ech is de­vel­op­ing var­i­ous projects in Noida and Greater Noida. Thou­sands of home buy­ers are stuck af­ter the Na­tional Com­pany Law Tri­bunal (NCLT) had last year ad­mit­ted the IDBI’S bank plea to ini­ti­ate in­sol­vency pro­ceed­ings against the debt rid­den Jaypee­in­frat­ech. Jaypee Group 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 ad­viser Ajit Kumar had said ear­lier this year. In 2007, Jaypee group started the de­vel­op­ment of 32,000 flats and plots in its town­ship Wish Town at Noida, of which nearly 8,000 units have been de­liv­ered so far. Of the to­tal flats/plots, Jaypee­in­frat­ech, which has al­ready gone into in­sol­vency, be­gan work on 28,000 units while the re­main­ing 4,000 units were with Jaiprakash As­so­ci­ates.

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