SC grants Jaiprakash Group time till January 25 to deposit Rs 125 crore
The Supreme Court today granted time till January 25 next year to the embattled realty firm Jaiprakash Associate Limited (JAL) to deposit Rs 125 crore more for safeguarding the interests of hassled home buyers.
JAL, which deposited Rs 425 crore with the apex court registry so far, had to deposit Rs 125 crore by December 31 and wanted a two-month extension. A bench comprising Chief Justice Dipak Misra and Justices A M Khanwilkar and DY Chandrachud considered the statement of senior advocate Mukul Rohatgi and granted time to the firm till January 25. The court has now posted the matter for further hearing on February 1 next year.
Yesterday, the group had deposited Rs 150 crore in the apex court registry in pursuance of a direction aimed at protecting the interests of home buyers.
The court had on November 22 accepted a demand draft of Rs 275 crore submitted by the real estate firm and directed it to pay another two tranches of Rs 150 crore and Rs 125 crore respectively by December 14 and 31. Earlier, it had restrained 13 directors — five promoters and eight independent directors — from alienating their personal properties as well as that of their immediate …read more
