SC orders Jaypee to deposit Rs 200 cr by May

decision was given by a bench headed by Chief Justice Dipak Misra

In a major decision, the Supreme Court has directed the Jaypee Associates to deposit Rs 200 crores by May 10 of this year and also provide list of buyers who have sought refund.

It need be mentioned that Jaypee Associates is the parent company of embattled real-estate major Jaypee Infratech.

The decision was given by a bench headed by Chief Justice Dipak Misra.

The top court also asked the real-estate major to deposit Rs 100 crore by April 15 and the rest by May 10.

The bench also stayed all notices for demands raised by the developers to the home buyers seeking refund for homes that have not been delivered or have been delayed.

Meanwhile, JAL informed the apex court that only eight per cent of 31,000 home buyers have opted for refund and the rest want possession of flats.

The case will now be heard on April 15.

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