SC asks JAL to deposit Rs 100 crore by May 10
New Delhi: The Supreme Court on Monday directed realty firm Jaiprakash Associates Limited (JAL) to deposit Rs 100 crore with its Registry by May 10.
The bench headed by Chief Justice Dipak Misra also directed the Insolvency Resolution Professional (IRP) to consider the representation of JAL on revival plans as per law.
Meanwhile, the counsel for the firm told the apex court that it had already deposited Rs 100 crore on April 12 in pursuance of an earlier order. The firm also sought to consider its revival proposal, saying it has been completing 500 houses per month. The top court had on March 21 asked the JAL to deposit Rs 200 crore with its registry in two instalments for paying back home buyers, who have opted for refund instead of getting possession of flats. The real estate major had said it had deposited Rs 550 crore so far with the apex court registry and sought indulgence on the ground that only eight per cent of the over 30,000 home-buyers had opted for refund and rest 92 per cent wanted delivery of flats.