SC directs Jaypee Group Associates to deposit Rs 200 cr

The Supreme Court on Wednesday directed the Jaiprakash Associate Limited (JAL) to deposit Rs 200 crore as a part payment of the amount required to pay the principal amount to 2,800 home buyers seeking refund.

A bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud said that Rs 100 crore would be deposited by April 15 and the remaining Rs 100 crore by May 10.

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Directing the next hearing of the matter on April 15 to see whether its order has been complied with, the court said that the amount so collected would be distributed to the home buyers seeking refund on pro rata basis.

The court also stayed all notices for demands raised by the developers to the home buyers seeking refund of their money.