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Jaypee misses another deadline to deposit Rs 2000 crore for refunding homebuyers

Posted: Nov 14, 2017     By Avishek Dubey

Jaiprakash Associates Limited (JAL) has missed a crucial deadline for depositing Rs 2000 crore as refund money for its homebuyers who have not got possession.  Therefore today the Supreme Court has ordered all non-institutional directors of the parent company to be present on the next date of hearing that has been scheduled for November 22.

The continuing failure of JAL in terms of depositing this refund money of Rs 2000 crore with the Apex Court has been the focus of the ongoing hearings. JAL has officially stated that its ICICI Bank account contains Rs 593 crore. JAL representatives have also mentioned that a cheque of Rs 100 crore is ready to be deposited with the Supreme Court.

Pramod Kumar, a buyer of JP Wishtown, a residential project in Sector 128 told City Spidey that JAL has stated that it can deposit Rs 693 crore as refund money rightaway. However, an order from the Supreme Court asking ICICI Bank to release INR 593 Crore is needed. “Incidentally, ICICI Bank has opposed this. This is because according to bank officials the 593 crores lying in JAL’s bank account has been deposited specifically for the benefit of its lenders. Since the bank has objected, the Supreme Court has not allowed JAL to withdraw this sum,” Kumar added.

“Further, the Supreme Court has said that a website for home buyers should be set up. On this website, the home buyers will have an option to select either refund or possession of their flat. A similar approach was followed in the Unitech case that was also being dealt by the Supreme Court,” Kumar added.

The Supreme Court has also asked all directors of JAL (except the directors nominated by the lender banks) to be personally present on the next hearing on 22 November 2017. It has also asked JAL to provide a list of the personal assets of all its directors.


TAGS: JAL / Supreme Court / Homebuyers / Possession / Refund Money / ICICI Bank / Unitech