The amount is a portion of the Rs 2,000 crore that the apex court had directed JAL to deposit with its registry in order to distribute the money among home buyers who sought a refund
The Supreme Court on Wednesday pulled up real estate giant Jaiprakash Associates Limited (JAL) and directed them to deposit Rs. 125 crore before January 25 or face jail time in Tihar. The amount is a portion of the Rs 2,000 crore that the apex court had directed JAL to deposit with its registry in order to distribute the money among home buyers who sought a refund.
A bench of Chief Justice of India Dipak Misra, along with Justices AM Khanwilkar and Justice DY Chandrachud, further directed JAL to file an affidavit listing all the housing projects they were currently involved in, following which it would decide on a plea filed by the Reserve Bank of India (RBI) seeking the top court's nod for initiating proceedings under the Insolvency and Bankruptcy Code (IBC).
The court reiterated its earlier order, asking independent directors not to leave the country without its prior nod. The bench further warned them from alienating or creating third party interests in their personal properties.
Stressing that the interest of homebuyers was paramount, the apex court informed the beleaguered real estate company to deposit the money in pursuance of its earlier order. So far, JAL has deposited only Rs 425 crore with the apex court registry.
During a previous hearing, JAL was asked to hand over all records to the Interim Resolution Professional (IRP) so that they could draft a resolution plan that includes safeguards for the home buyers and creditors. The court appointed senior advocate Shekhar Naphade as an amicus curiae to assist the IRP on this issue.
The SC was hearing a plea filed by homebuyers who haven't received possession of their flats.
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