New Delhi
Crisis-hit realty company Jayaprakash Associates has deposited Rs 100 crore as per the Supreme Court directive in the case of delay in the supply of flats by its subsidiaries . Sources gave this information on Thursday. Earlier on March 21, the apex court had directed the company to deposit Rs 200 crore in two installments .
This flagship company of Jaypee Group has so far deposited Rs 650 crore in the registry of the Supreme Court. A bench headed by Chief Justice Deepak Mishra directed the company to deposit Rs 100 crore by April 16. The company has to deposit the remaining amount by 10 May.
The Supreme Court had asked the company to give a chart of the buyers of the house seeking refunds according to the projects so that this amount could be distributed to them on a proportional basis. Jayaprakash Associates had reported that only eight percent of the 31,000 flat buyers wanted their money back. According to him, the rest of the buyers want possession of the flat. Jay Infrakash, a subsidiary of Jayaprakash Associates, is developing various projects in Noida and Greater Noida.
The National Company Law Tribunal (NCLT) last year accepted a petition to initiate an insolvency process against the debt-burdened JP Infratech, causing problems for thousands of flat buyers. Jaypee Group is aiming to complete the construction of 24,000 flats pending in Noida by 2020.
These will cost Rs 8,000 crore. JP’s advisor Ajit Kumar had earlier said that Rs 8,000 crore is needed to complete the construction of these flats. Of this, Rs 6,000 crore will be received from flat buyers. At the same time, about 2,000 to 2,500 crore more will be needed.
