Jaypee deposits Rs 100 crore, SC asks for another Rs 100 crore by May 10

NEW DELHI: The Supreme Court on Monday asked Jaiprakash Associates Ltd (JAL) to deposit an extra Rs 100 crore in court via May 10 after being knowledgeable that Rs 100 crore were paid, taking its general deposit to Rs 650 crore, which will likely be used to refund homebuyers left in the lurch via behind schedule housing projects.
JAL’s counsel Anupam Lal Das sought permission from the SC for 2 directors of the corporate — Pankaj Gaur and Sunny Gaur — to travel abroad. A bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud authorised the administrators to go abroad but put in a caveat, “If the volume of Rs 100 crore is not deposited via May 10, steps will likely be taken to attach personal houses of those directors.”

Das contested the selection of bidder to finish the projects via the Committee of Creditors and the Interim Resolution Professional (IRP), who've taken over the property of Jaypee Infrastructure after insolvency and chapter proceedings were introduced against it earlier than NCLT, Allahabad, via a consortium of banks led via IDBI Bank. He said the finalised bidder safe the pursuits of economic establishments somewhat than homebuyers.

Das said JAL had proposed to complete the housing projects in 3 years as against the bidder’s proposal to do it in 5 and a part years. He accused the Committee of Creditors and the IRP of no longer bearing in mind JAL’s proposal.

The SC asked senior suggest Parag Tripathi, showing for the IRP, to consider JAL’s proposal in line with regulation regardless of Tripathi clarifying that JAL’s proposal used to be statutorily barred from being considered. The court additionally said the IRP would be at liberty to finalise the solution plan for Jaypee Infratech while reiterating that the final solution plan can be vetted via the SC.

The bench asked amicus curiae Pawan Shree Agrawal to finish the project-wise chart of homebuyers and identify those that want properties and those who want refund via May 11. Agrawal had knowledgeable the court on March 21 that 2,800 homebuyers had registered at the portal created at the SC’s order and sought refund. He had said Rs 1,300 crore can be had to refund simplest the main quantity to homebuyers.

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

Jaypee deposits Rs 100 crore, SC asks for another Rs 100 crore by May 10 Jaypee deposits Rs 100 crore, SC asks for another Rs 100 crore by May 10 Reviewed by kailash soni on April 17, 2018 Rating: 5
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