Jaiprakash Associate Gets Extension from Supreme Court to Deposit Rs. 125 Cr

Recently, a real estate company Jaiprakash Associate Limited has got some more time till January 25, 2018 to deposit Rs. 125 Cr. more to protect the affected property buyers’ interest. So far, JAL has deposited Rs. 425 Crore already with the registry. It asked for two months of extension as it needed to deposit Rs. 125 Cr. more by December 31. Mukul Rohatgi, senior advocate, has presented the statement to Justices D Y Chandrachud and A M Khanwilkar and Chief Justice Dipak Misra, who granted the company time till 25 th January this year. Now, the court has published the matter for hearing further next year on February 1. Rs. 150 Cr. has been deposited by the group in registry of apex court following the direction to protect home buyers’ interest.
On November 22, the court accepted Rs. 275 Crore in the form of demand draft submitted by the company and the court directed it to pay next Rs. 150 Cr. and Rs. 125 Cr. in tranches by December 14 and December 31 respectively.

It left 13 directors earlier, including 8 independent ones and 5 promoters, from isolating their real estate properties along with their family members. The directions of the apex court as well as directors won’t isolate the personal properties of them and their family members in any way to freeze their personal assets. The directors in Jaiprakash Associate Limited filed affidavits to the court with all the details mentioning their personal assets and now they are needed to appear once more on January 10. On November 13, the apex court has also restricted the directors of
Jaypee Infratech Ltd and managing director from going abroad without seeking for permission from the court. Jaypee Infratech was told by the court to hand the records over to the IRP or interim resolution professional to draft a plan of resolution which mentions the security of interests of up to 32000 affected creditors and home buyers. With lawyer Ashwarya Sinha, a homebuyer Chitra Sharma moved apex court and said that up to 32000 residents have booked their properties and paying their installments. On September 4, the top court kept the proceedings of insolvency against the company at NCLT or the National Company Law Tribunal.