New Delhi : Crisis-hit Jaiprakash Associates has deposited Rs 100 crore in the Supreme Court’s Registry as per the court’s directions in a case related to delay in delivery of flats by its subsidiary, according to sources.
The apex court had on April 16 directed Jaiprakash Associates (JAL) to deposit Rs 100 crore with its Registry by May 10. The flagship company of the Jaypee group has now deposited a total of Rs 750 crore with the Registry of the Supreme Court, they added. Home buyers of debt-ridden Jaypee Infratech, the real estate arm of JAL, had moved the apex court seeking relief in view of significant delays in completion of housing projects.
The plea had further stated that home buyers were left in the lurch after the NCLT, on August 10 last year, admitted IDBI Bank’s plea to initiate insolvency proceedings against the debt-ridden Jaypee Infratech for defaulting on a Rs 526-crore loan.
