LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

SC asks Jaiprakash Associates to deposit Rs 1,000 crore by June 15

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). "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," he said.  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. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
SC asks Jaiprakash Associates to deposit Rs 1,000 crore by June 15
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. Image source: Reuters
Written By: PTI
Updated: Wed, May 16, 2018
07:05 pm
New Delhi, PTI
RELATED NEWS
Jaiprakash Associates re-appoints Manoj Gaur as Exec Chairman, CEO for 3 yrs Jaiprakash Associates re-appoints Manoj Gaur as Exec Chairman, CEO for 3 yrs
Jaiprakash Associates posts Rs 285 cr loss for Q1 FY19 Jaiprakash Associates posts Rs 285 cr loss for Q1 FY19
Rakesh Jhunjhunwala changes portfolio; These stocks got Big Bull's thumbs up; reason to buy? Rakesh Jhunjhunwala changes portfolio; These stocks got Big Bull's thumbs up; reason to buy?
Jaiprakash Associates to appeal against NCLT order Jaiprakash Associates to appeal against NCLT order
Jaiprakash Associates case: Big relief for homebuyers, Supreme Court orders firm to deposit Rs 200 crore, sets deadline Jaiprakash Associates case: Big relief for homebuyers, Supreme Court orders firm to deposit Rs 200 crore, sets deadline

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 bench headed by Chief Justice Dipak Misra said. 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. The apex 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.

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). "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," he said.  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. The company had sought a direction for restraining the National Company Law Tribunal (NLCT) at Allahabad from proceeding further with the insolvency proceedings.

It had also said that the handing over of the company to the "sole resolution applicant" will result in compromising the interests of home buyers, minority shareholders, employees and even the financial creditors of the company.

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.
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.

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.
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.

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.

Watch this Zee Business video

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's plea to initiate insolvency proceedings against the debt-ridden realty firm for allegedly defaulting on a Rs 526-crore loan.  

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Jaiprakash Associates
RELATED NEWS
Jaiprakash Associates re-appoints Manoj Gaur as Exec Chairman, CEO for 3 yrs Jaiprakash Associates re-appoints Manoj Gaur as Exec Chairman, CEO for 3 yrs
Jaiprakash Associates posts Rs 285 cr loss for Q1 FY19 Jaiprakash Associates posts Rs 285 cr loss for Q1 FY19
Rakesh Jhunjhunwala changes portfolio; These stocks got Big Bull's thumbs up; reason to buy? Rakesh Jhunjhunwala changes portfolio; These stocks got Big Bull's thumbs up; reason to buy?
Jaiprakash Associates to appeal against NCLT order Jaiprakash Associates to appeal against NCLT order
Jaiprakash Associates case: Big relief for homebuyers, Supreme Court orders firm to deposit Rs 200 crore, sets deadline Jaiprakash Associates case: Big relief for homebuyers, Supreme Court orders firm to deposit Rs 200 crore, sets deadline

LATEST NEWS

Rakesh Jhunjhunwala stocks: This Big Bull-owned MULTIBAGGER has delivered more than 42 pct in less than two month

Listing facilitation! Ahead of LIC IPO, authorised capital boost of Rs 25,000 crores - All you need to know

Andhra Pradesh trade body to promote IP rights, registration for MSMEs

Super hi-tech driverless pod taxis for Noida Aiport! Check Yogi Adityanath government's big plans for Jewar

Life Insurance Coverage Calculator: Simple cover calculation in just 3 steps - EXPLAINED

Mumbai-Ahmedabad Bullet Train: Tech bids open for bridge project - Check latest news development

Announcement LIVE: IIT JEE Main 2021 Result February - Date, time, declaration on NTA website direct link jeemain.nta.nic.in, download answer key, score checking and more

REVEALED! What gave a massive 400% jump to FDI in computer software, hardware during Apr-Dec 2020

Framework Agreement! India Grid Trust inks largest transmission deal with Sterlite Power

Stock Market Outlook: Focus will be on these - Check what share bazaar experts, analysts opined

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved