{"id":52802,"date":"2018-05-16T17:49:07","date_gmt":"2018-05-16T12:19:07","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=52802"},"modified":"2018-05-16T17:49:07","modified_gmt":"2018-05-16T12:19:07","slug":"supreme-court-asks-jal-to-deposit-rs-1000-crore-by-june-15","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/supreme-court-asks-jal-to-deposit-rs-1000-crore-by-june-15","title":{"rendered":"Supreme Court asks JAL to deposit Rs 1,000 crore by June 15"},"content":{"rendered":"<p><a href=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/delhi.jpg?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"211\" data-attachment-id=\"52757\" data-permalink=\"https:\/\/www.legalindia.com\/news\/collegium-meet-on-justice-k-m-josephs-elevation-to-supreme-court-concludes\/delhi-8\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/delhi.jpg?fit=570%2C400&amp;ssl=1\" data-orig-size=\"570,400\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"delhi\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/delhi.jpg?fit=570%2C400&amp;ssl=1\" class=\"alignleft size-medium wp-image-52757\" src=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/delhi.jpg?resize=300%2C211&#038;ssl=1\" alt=\"\" srcset=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/delhi.jpg?resize=300%2C211&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/delhi.jpg?resize=143%2C100&amp;ssl=1 143w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/delhi.jpg?w=570&amp;ssl=1 570w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>The Supreme Court today asked realty firm Jaiprakash Associates Limited (JAL) to deposit an additional Rs 1,000 crore with its Registry by June 15 to provide refunds to the hassled home buyers.<\/p>\n<p>On submission of this amount, the liquidation proceedings against Jaypee Infratech Limited (JIL), a subsidiary of holding company JAL, shall remain stayed, a bench headed by Chief Justice Dipak Misra said.<\/p>\n<p>The bench, which also comprised Justices A M Khanwilkar and D Y Chandrachud, said if there was any default in depositing the money by June 15, the statutory proceedings against JIL, which has been facing insolvency proceedings, shall proceed.<\/p>\n<p>The supreme court had earlier directed JAL to deposit Rs 2,000 crore with the apex court Registry. So far, the real estate firm has deposited Rs 750 crore.<\/p>\n<p>Lawyer Anupam Lal Das, appearing for JAL, said its proposed revival plan for JIL ought to be considered afresh by the Committee of Creditors (COC).<\/p>\n<p>&#8220;We have proposed the best revival plan and the liquidation of JIL is neither in the interest of creditors, nor in the interest of home buyers,&#8221; he said.<\/p>\n<p>The firm has proposed to offer 2,000 equity shares of JIL, the company facing the insolvency proceedings, to each home buyer as part of its Rs 10,000-crore proposal to revive it, he added.<\/p>\n<p>The company had sought a direction for restraining the National Company Law Tribunal (NLCT) at Allahabad from proceeding further with the insolvency proceedings.<\/p>\n<p>It had also said that the handing over of the company to the &#8220;sole resolution applicant&#8221; will result in compromising the interests of home buyers, minority shareholders, employees and even the financial creditors of the company.<\/p>\n<p>The realty firm had said it was completing 500 dwelling units for delivery to the home buyers every month and urged that its representation be considered by the Insolvency Resolution Professional (IRP) as per law.<\/p>\n<p>The court had directed its Registry that if any money was lying with it, then it could be invested in short-term fixed deposit with a nationalised bank.<\/p>\n<p>It had on January 10 directed JAL, the holding firm of Jaypee Infratech Ltd (JIL), to provide details of its housing projects in the country, saying the home buyers should either get their houses or their money back.<\/p>\n<p>It had refused to accord urgent hearing on a plea of the Reserve Bank of India, seeking its nod to initiate insolvency proceedings before the NCLT against JAL, saying it would be dealt with at a later stage.<\/p>\n<p>The home buyers, including one Chitra Sharma, had moved the apex court, stating that around 32,000 people had booked flats and were now paying instalments.<\/p>\n<p>The plea had also stated that hundreds of home buyers were left in the lurch after the NCLT, on August 10 last year, admitted the IDBI Bank&#8217;s plea to initiate insolvency proceedings against the debt-ridden realty firm for allegedly defaulting on a Rs 526-crore loan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Supreme Court today asked realty firm Jaiprakash Associates Limited (JAL) to deposit an additional Rs 1,000 crore with its Registry by June 15 to provide refunds to the hassled home buyers. On submission of this amount, the liquidation proceedings against Jaypee Infratech Limited (JIL), a subsidiary of holding company JAL, shall remain stayed, a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":52757,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[42169,2247,42566,31987,42564,42565],"class_list":["post-52802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-law-news","tag-a-m-khanwilkar","tag-chief-justice-dipak-misra","tag-chitra-sharma","tag-featured","tag-jaypee-infratech-limited","tag-jaypee-infratech-ltd"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Supreme Court asks JAL to deposit Rs 1,000 crore by June 15 - Legal News India - Supreme Court &amp; High Court Updates<\/title>\n<meta name=\"description\" content=\"The Supreme Court today asked realty firm Jaiprakash Associates Limited (JAL) to deposit an additional Rs 1,000 crore with its Registry by June 15 to - Get the latest legal news from the Supreme Court, High Courts, and government. 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The bench headed by Chief Justice Dipak Misra asked the real-estate major to deposit Rs 100 crore by April 6 and the rest by May 10.\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/03\/Jaiprakash-Associates-Ltd.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":50305,"url":"https:\/\/www.legalindia.com\/news\/sc-refuses-nod-jaypee-group-hive-off-yamuna-expressway","url_meta":{"origin":52802,"position":1},"title":"SC refuses nod to Jaypee Group to hive off Yamuna Expressway","author":"Legal India Admin","date":"October 26, 2017","format":false,"excerpt":"The Supreme Court today refused permission to embattled Jaiprakash Associates Ltd to hive-off the rights of multi-crore six-lane Yamuna Expressway connecting Greater Noida with Agra in Uttar Pradesh. The apex court, however, extended the time from October 27 to November 5 for the company to deposit Rs 2000 crore. \"We\u2026","rel":"","context":"In &quot;High Profile Cases&quot;","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"SC refuses nod to Jaypee Group to hive off Yamuna Expressway","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/08\/judiciary.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":49770,"url":"https:\/\/www.legalindia.com\/news\/sc-asks-jaypee-infratech-deposit-rs-2000-crore","url_meta":{"origin":52802,"position":2},"title":"SC asks Jaypee Infratech to deposit Rs 2000 crore","author":"Legal India Admin","date":"September 11, 2017","format":false,"excerpt":"The Supreme Court today directed the embattled real estate firm Jaypee associates to deposit Rs 2000 crore by October 27 with its registry and asked the NCLT- appointed interim resolution professional (IRP) to take over its management and work out a plan to protect the interests of homebuyers and creditors.\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"SC asks Jaypee Infratech to deposit Rs 2000 crore","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/08\/right-to-criticise-300x168.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":53385,"url":"https:\/\/www.legalindia.com\/news\/53385-2","url_meta":{"origin":52802,"position":3},"title":"SC: Liquidation of Jaypee group firm would serve no purpose","author":"Legal India Admin","date":"July 20, 2018","format":false,"excerpt":"New Delhi:\u00a0The Supreme Court today said Liquidation of real estate firm Jaypee Infratech Ltd (JIL) would not \"serve\" the purpose of either home buyers, financial institutions or the promoters. 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