more-inThe Supreme Court on Monday directed realty firm Jaiprakash Associates Limited (JAL) to deposit ₹100 crore with its Registry by May 10. The Bench headed by Chief Justice Dipak Misra also directed the Insolvency Resolution Professional to consider the representation of JAL on revival plans as per law. Meanwhile, the counsel for the firm told the court that it had already deposited ₹100 crore on April 12 in pursuance of an earlier order. The top court had on March 21 asked JAL to deposit ₹200 crore with its registry in two installments for paying back home buyers, who had opted for refund instead of getting possession of flats. ‘Left in the lurch’Home buyers had moved the apex court, stating that about 32,000 people had booked flats and were now paying installments.
Source: The Hindu April 16, 2018 16:40 UTC