SC asks Jaypee to submit details of its ongoing housing projects

SC asks Jaypee to submit details of its ongoing housing projects
11/01/2018 , by , in News/Views

The Supreme Court today directed realtor Jaiprakash Associate Limited (JAL) to give details of its ongoing housing projects in the entire country while reiterating its direction that its directors shall not alienate their personal properties. A bench headed by Chief Justice Dipak Misra also directed amicus curie Pawan Shree Agrawal to set up a portal to take note of the grievances of the home buyers of JAL.

The bench, also comprising Justices A M Khanwilkar and D Y Chandrachud, said it would decide at a later stage the application of Reserve Bank of India (RBI) seeking its nod to file insolvency proceedings before the National Company Law Tribunal (NCLT) against the promoter company JAL.

The bench also considered the submission of senior advocate Ranjit Kumar, representing independent directors of JAL, that they be exempted from personal appearance before it on every date of hearing on account of their old age. The bench, which exempted the independent directors from personal appearance, however reiterated its earlier direction that neither would they leave the country without its prior nod, nor would they alienate or create third party interests in their personal properties. It said the interest of homebuyers was important and the JAL will have to deposit the money in pursuance of its earlier order.

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