Supreme Court asks Jaypee Associates to deposit Rs 200 crore
Supreme Court
The court has listed the matter for further hearing on April 16, to see if the JAL has complied with the payment of the first instalment or not
The Supreme Court on Wednesday ordered Jaypee Associates Ltd (JAL), the parent company of Jaypee Infratech, to deposit Rs 200 crore in two equal installments before the SC registry by April 15 and May 10.
The court has listed the matter for further hearing on April 16, to see if the JAL has complied with the payment of the first instalment or not.
The court will also take a decision on pro rata distribution of funds received.
The amount would make a part of Rs 2,000 crore, which the infrastructure company has to deposit with the top court's registry in order to refund the money of home buyers of Jaypee Infratech.
Jaypee Infratech is among the 12 companies against whom the Reserve Bank of India (RBI), through its 13 June directive, asked banks to file insolvency petitions.