SC Asks Jaypee to Deposit Rs 200 Crore to Refund Home Buyers
SC said the real-estate major will have to deposit Rs 100 crore by 15 April and another Rs 100 crore by 10 May.
The Supreme Court on Wednesday, 21 March, directed the Jaypee Associates to deposit Rs 200 crore in two equal installments by 10 May, as a part payment of the amount required to pay the principal amount to 2,800 home buyers seeking refunds.
A bench, comprising Chief Justice Dipak Misra, Justice AM Khanwilkar and Justice DY Chandrachud, said that the real-estate major will have to deposit Rs 100 crore by 15 April, and another Rs 100 crore by 10 May before the SC registry.
According to ANI, the matter has been listed for further hearing on 16 April to see if Jaypee Associates Ltd (JAL) has complied with the first installment payment or not, as well as to take a decision on pro rata (proportional) distribution of funds received.
The apex court also asked JAL to submit a project-wise chart of home buyers seeking refunds to ensure that the amount can be dispersed on a pro-rata basis, reported PTI.
Meanwhile, JAL reportedly told the court that it received/sought occupation certificate for 13,500 flats in 2017-18, adding that 8 percent home buyers opted for refund.
(With inputs from PTI, IANS and ANI)
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