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Posted at: Jan 11, 2018, 12:04 AM; last updated: Jan 11, 2018, 12:04 AM (IST)

Submit details of ongoing projects, SC tells Jaypee

Cautions company against sale of assets, merger or demerger
Submit details of ongoing projects, SC tells Jaypee

New Delhi, January 10

The Supreme Court today directed realtor Jaiprakash Associate Limited (JAL), holding firm of Jaypee Infratech Ltd (JIL), to provide details of its housing projects in the country, saying the homebuyers should either get their houses or their money back.

A Bench headed by Chief Justice Dipak Misra, however, refused to accord urgent hearing on a plea of the RBI seeking its nod to initiate insolvency proceedings before the National Company Law Tribunal (NCLT) against JAL and said it would be dealt with at a later stage.

“Lower middle class homebuyers of JAL cannot be made to run from forum to forum. We want to protect homebuyers,” the Bench, also comprising Justices AM Khanwilkar and DY Chandrachud, said while refusing urgent hearing on RBI’s plea.

The Bench, meanwhile, asked advocate Pawan Shree Agrawal, appointed amicus curiae to assist it, to set up a second portal to take note of grievances of the homebuyers of JAL and said the grievance portal be “kept alive”. Earlier, a similar portal was directed to be set up for the hassled homebuyers of JIL.

The court considered the submission of senior advocate Ranjit Kumar, representing eight independent directors of JAL that they were old and resided in different parts of the country and should be exempted from personal appearance.

The top court, which exempted the independent directors from personal appearance, however, reiterated its earlier direction that neither would they leave the country without its prior nod, nor would they alienate or create third party interests in their personal properties.

Terming the interest of homebuyers as “important”, the Bench said JAL will have to deposit money in pursuance of its earlier order.

Cautioning against any sale of assets of JIL and JAL and against merger or de-merger, the Bench said, “We are only concerned with the deposit of money and any such move (sale or merger etc) will amount to contempt of court... if anyone does that, then Tihar (jail) is not far from here”.

During the hearing, senior advocate Mukul Rohatgi and lawyer Anupam Lal Das, appearing for JAL, said only 8% homebuyers have opted for refund of money and 92% of them wanted delivery of their homes.

Rohatgi said JAL has deposited Rs 425 crore with the apex court registry so far and would deposit Rs 125 crore more by January 25 as directed on December 15 last year to safeguard the interests of homebuyers.

“We have sold several properties and are in the process of loan restructuring,” he said. — PTI


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