SC asks Jaiprakash Associate Limited to deposit Rs 200 crore by May 10

 Supreme Court today asked infrastructure major Jaiprakash Associate Limited (JAL) embroiled in a multi-crore debt case to deposit Rs 200 crore in two installments by May 10. 

The Supreme Court said the real-estate major will have to deposit Rs 100 crore by April 6 and another Rs 100 crore by May 10.The apex court has listed the matter for further hearing on April 16, to see if JAL has complied with the first installment payment or not and to take a decision on pro rata distribution of funds received.

The company has been asked to deposit Rs 2,000 crore with the registry of the apex court in order to



refund money of home buyers of Jaypee Infratech.

The apex court also asked JAL to submit a project-wise chart of home buyers seeking refunds so that amount can be dispersed on pro-rata basis. It said that there would be no notice for default in payment of EMIs be sent by the real-estate firm to home buyers who have opted for refund.

Meanwhile, JAL informed the apex court that only eight per cent of 31,000 home buyers have opted for refund and the rest want possession of flats. The firm also told the court that it has received/sought occupation certificate with regard to 13,500 flats so far in 2017-18.