New Delhi : The Supreme Court on Wednesday suggested that the realty firm Jaiprakash Associates (JAL) should pay Rs 600 crore, instead of Rs 1,000 crore ordered earlier, to refund the principal amount to the hassled home buyers.
A bench headed by Chief Justice Dipak Misra asked senior advocate F S Nariman, representing JAL, to take instruction from JAL on depositing Rs 600 crore with the apex court registry.
It said that after the amount is deposited, it would ask the National Company Law Tribunal (NCLT) at Allahabad to expeditiously decide the firm’s plea on revival or restructuring of its subsidiary firm — Jaypee Infratech (JIL).
The bench had on May 16 directed JAL to deposit 1,000 crore by June 15, in addition to Rs 750 crore already deposited, by June 15 to provide refunds to the home buyers who had wished to opt out of its various housing schemes.
“This case (of home buyers) can be disposed of if they (JAL) deposit Rs 600 crore for refund of the principal amount. We will ask the NCLT to decide the company petition (of JAL),” the bench said. The court also made it clear that it would deal with the issue of refund of money to only those home buyers who do not want possession of their homes. On being informed that Rs 750 crore has already been deposited with the apex court and another Rs 600 crore would be required to pay the principal amount to home buyers, the court asked the realty firm to “establish its bonafide” by paying the money.