The Supreme Court on Wednesday directed realty firm Jaiprakash Associates Limited (JAL) to deposit ₹1,000 crore, in addition to ₹750 crore already deposited, by June 15 to provide refunds to homebuyers.
On submission of the amount, liquidation proceedings against Jaypee Infratech Limited (JIL), a subsidiary of holding company JAL, shall remain stayed, the top court said.
The direction came from a Bench headed by Chief Justice Dipak Misra, when lawyer Anupam Lal Das, the counsel for JAL said that the holding firm JAL be allowed to revive its crisis-hit subsidiary JIL as its liquidation would neither be in the interest of creditors nor in the interest of homebuyers.
It then asked lawyer Pawan Shree Agrawal, who is assisting the court as an amicus curiae, to disburse money to the homebuyers who wanted refund on a “pro rata” basis.
Senior advocate C A Sundaram, representing a financial institution (FI), said most home buyers have taken loans from banks and hence, it should be ensured that they pay refunded money to the banks only.
