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Jaypee: SC to hear home buyers plea on July 16

 MPost |  2018-07-13 17:06:05.0

Jaypee: SC to hear home buyers plea on July 16

New Delhi: The Supreme Court on Friday listed for final hearing on July 16 the pleas of hassled home buyers registered with Jaiprakash Associates Limited (JAL) saying that it would exclusively deal with their grievances and the "capability" of realty firm to refund money to them.

A bench headed by Chief Justice Dipak Misra had earlier said that it would ask the National Company Law Tribunal (NCLT) at Allahabad to expeditiously decide JAL's plea on restructuring of its subsidiary firm, Jaypee Infratech Limited (JIL), if they deposit Rs 600 crore for refunding principal amount to home buyers who have opted out of housing projects. "Let the matter be listed on July 16 for exclusively hearing the aspect of protection of rights of home buyers and the capability of Jaiprakash Associates Limited (JAL) to pay the money," the bench, which also comprised justices A M Khanwilkar and D Y Chandrachud, said.

At the outset, senior advocate F S Nariman, appearing for the real estate firm, said that JAL was ready with a plan to deposit Rs 600 crore with the apex court registry through cheques provided the company was given some liberty to arrange funds through banks. If JAL is not allowed to deal with its properties for arranging funds then its subsidiary firm JIL would be wound up and no purpose would be served, the senior lawyer said. The bench, once during the hearing, asked JAL to deposit Rs 475 crore by August 27 with a caution that non-compliance would force it to order jailing of its directors. However, later it adjourned the hearing to July 16.

It said that Rs 750 crore has been deposited by JAL with the apex court's registry and Rs 600 crore more would be required for paying principal sum to the home buyers who wanted refund of their investment.

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