The Supreme Court on Wednesday asked Jaypee Associates to deposit Rs 200 crore in two instalments by May 10, PTI reported. The court asked the realty company to deposit the first instalment of Rs 100 crore by April 6.
Several home buyers had sought the top court’s intervention after the National Company Law Tribunal allowed insolvency proceedings against the group’s Jaypee Infratech. The Supreme Court stayed the bankruptcy proceedings after home buyers argued that they would lose all their money and asked the court to protect their interests.
On Wednesday, a bench led by Chief Justice Dipak Misra asked the company to submit a list of all buyers who had sought refund for flats that were still incomplete. The bench also told the firm not to send any notices to them for non-payment of their instalments if they had opted for refund.
The company claimed only 8% of its 31,000 home buyers have opted for a refund. The court will later take up the concerns of those home buyers who want possession of their flats instead of a refund. The court will hear the case next on April 16.
On January 25, the company had deposited Rs 125 crore in the court after being told to do so.