On 11 September, the apex court had directed JAL to deposit Rs2,000 crore with the court to safeguard the interest of homebuyers. Photo: MintNew Delhi: The Supreme Court on Wednesday extended the deadline for Jaypee Associates Ltd (JAL) to deposit Rs2,000 crore to cover its liability towards those who bought homes in projects developed by its subsidiary, Jaypee Infratech Ltd. Jaypee Infratech has defaulted on Rs526.11 crore of loans outstanding to IDBI Bank. On 11 September, the apex court had directed JAL to deposit Rs2,000 crore with the court to safeguard the interest of homebuyers. The court has restrained the directors and managing directors of Jaypee Infratech and Jaypee Associates from travelling abroad without its permission.

Source: Mint October 25, 2017 15:00 UTC