Above: Buyers protesting against Jaypee Infratech in Noida
The Supreme Court is getting ready to force Real Estate defaulters Jaypee Associates to cough up almost Rs 2,000 crore at its next hearing.
Jaypee had said that it was willing to pay only part, Rs 400 crore, by Friday but the court refused to accept this amount.
The company, which is not being able to provide that flats to owners who have already paid up, in deep trouble and when the bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud asked the real estate major to keep ready the huge amount, company counsel Anupam Lal Das was visibly shaken. Das said they have Rs 50 crore “ready in hand” and will arrange for another Rs 350 crore by Friday.
He also said that Jaypee Associates will deposit Rs 400 crore every month starting with January. However, the bench was not willing to accept this deal.
The Jaypee Infratech, a subsidiary of Jaypee Associates, was directed by the bench to deposit the large amount to protect the interest of the home buyers. The Allahabad bench of the National Company Law Tribunal (NCLT) has ordered the restructuring of the company after the IDBI bank had moved the NCLT for recovery of payment due against the loan taken by it.
—India Legal Bureau