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Supreme Court reject Jaypee's plea to deposit money in parts

Team SoOLEGAL 6 Nov 2017 5:57pm

Supreme Court reject Jaypee's plea to deposit money in parts

The Supreme Court on Monday dismissed a petition filed by Jaiprakash Associates Ltd (parent company of Jaypee Infratech) to deposit Rs. 400 crore instead of 200 crores. The apex court said that the group must deposit a sizable amount, such as Rs. 1,000 crore, to show their bonafide before asking for an extension. The court had asked Jaypee Associates to pay the amount to safeguard the interest of 30,000 homebuyers.

The apex court's observation came after the Jaypee group filed a plea to deposit Rs 400 crore and requested the rest of the amount to be paid in installments. However, Chief Justice Dipak Misra rejected the plea, saying "it must be a bonafide exercise where a sizeable amount is submitted. First deposit the amount, and then we will discuss any further. Till then, you can keep arranging money."

Earlier, the company told the court it would raise Rs 300 crore every month in addition to Rs. 409 crore raised so far.

 The court ordered the firm to arrange for the Rs 2,000 crore by the next hearing on November 13.

Its plea came after the Supreme Court, on October 25, refused to allow Jaypee Associates sell the Yamuna Expressway project, in which it owns stake, to raise the money.

Tagged: Supreme Court   Jaypee Group   Homebuyers  
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