JP Associates deposits Rs 150 crore with Supreme Court registry: Sources

JP Associates deposits Rs 150 crore with Supreme Court registry: Sources
Dec 2017 , by , in Latest News

Jaiprakash Associates, the parent company of embattled Jaypee Infratech, on Wednesday deposited Rs 150 crore with the Supreme Court registry, according to legal sources, reported moneycontrol.com.

According to the report on moneycontrol.com, the sources also said that JP Associates may move Supreme Court on Thursday seeking an extension for the next deadline to deposit Rs 125 crore by December 31. The company may seek an extension of the deadline to January 31, 2018, they said.

At the last hearing on November 22, the Supreme Court had allowed the parent company of Jaypee Infratech to deposit Rs 275 crore on that day and another Rs 275 crore by December 31 (Rs 150 crore by December 13 and Rs 125 crore by December 31).

No specific timeline was given to deposit the remaining Rs 1,450 crore. But the SC order did say that “needless to say that direction for deposit of Rs 2,000 crore shall remain as it is. The only indulgence is to pay the same in installments.” This was in contrast with an earlier order asking the promoters to deposit Rs 2,000 crore by November 13, which the promoters were unable to do even after four deadlines expired.

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