SC assures Jaypee homebuyers that they will get their money back
In order to ensure that the homebuyers got their money back, the Supreme Court said that it could ask Jaiprakash Associates Ltd (JAL) to deposit Rs 10,000 crore-15,000 crore more.
CJI Dipak Misra said, “Let us wait and see what interim resolution mechanism is submitted by IRP. If it requires Rs 10,000 crore to Rs 15,000 crore more, we will ask them to deposit the money. You (the homebuyers) will get back your money. What else do you want?” The Supreme Court assured that it would do everything possible to protect the homebuyers’ interest.
On September 11, the court had ordered JAL, the holding company of Jaypee Infratech, to deposit Rs 2,000 crore in the apex court by October 27 and asked the interim resolution professional (IRP), appointed by the National Company Law Tribunal (NCLT), to take over management of the realty major and submit an interim resolution scheme to the court in 45 days. This was to include the interest of homebuyers apart from those of secured creditors, including IDBI and SBI.