As the Jaypee group failed to raise Rs 1,000 crore to be deposited before the Supreme Court as per its order, the court on Wednesday agreed to reduce the amount to Rs 650 crore and asked the company to show its bona fide by paying it to refund principal amount of all home-buyers who had put in money but had not got possession of the flats.
A bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud said it would consider granting any relief to the company only after it pays the amount and asked senior advocate Fali S Nariman, appearing for Jaiprakash Associates Limited (JAL), to make its stand clear on July 13.
The court said it would ask the National Company Law Tribunal (NCLT) at Allahabad to expeditiously decide the company’s plea on restructuring of its subsidiary –Jaypee Infratech Limited (JIL) —only after the amount is deposited before its registry. The court had earlier set a deadline of June 15 for JAL to deposit 1,000 crore in addition to Rs 750 crore already deposited by the company.
“This case (of home buyers) can be disposed of if they (JAL) deposit Rs 650 crore for refund of the principal amount of all home-buyers who wanted refund,” the bench said.
Lawyer Pawan Shree Agrawal, who is assisting the court as amicus curiae, said the home-buyers who wanted refund of their investment have to be paid Rs 1,379 crore and there is a shortfall of Rs 650 crore for refunding the principal sum to them as the company has already deposited Rs 750 crore.