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Deposit Rs 125 crore by Jan.25 or else face jail: SC tells Jaypee

Deposit Rs 125 crore by Jan.25 or else face jail: SC tells Jaypee
Court Order

New Delhi [India]: The Supreme Court on Wednesday asked realty company Jaypee Associates Ltd (JAL) to deposit Rs 125 crore by January 25 in connection with a multi-crore debt case.

Failing the same, the JAL officials could face jail, the top court added.

The amount would make a part of Rs 2,000 crore, which the infrastructure company has to deposit with the top court’s registry in order to refund money of home buyers of Jaypee Infratech.

The apex court has also sought details of JAL’s ongoing housing projects across the country.

The top court also deferred the hearing of a plea filed by the Reserve Bank of India (RBI), which had approached the Supreme Court, seeking to initiate insolvency proceedings against JAL.

The apex court fixed February 05 as the next date of hearing in the matter.

Earlier on October 10, the Jaypee group moved the Supreme Court, seeking permission to sell off its Yamuna Expressway project.

Jaypee Associates told the apex court that it has an offer worth Rs. 2,500 crore and sought permission to “hive-off” the project. (ANI)