The sagging spirits of the homebuyers who had booked flats in housing projects of the distressed Jaypee Infratech got a breather on Monday when the Supreme Court said that it could ask Jaiprakash Associates Ltd (JAL) to deposit Rs 10,000 crore-15,000 cr more to ensure that the homebuyers ge their money back.
On September 11, the court had ordered JAL, the holding company of Jaypee Infratech, to deposit Rs 2,000 cr 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.
Assuring that the SC would do everything possible to guard the homebuyers’ interest, CJI Dipak Misra said, “Let us wait and see what interim resolution mechanism is submitted by IRP. If it requires Rs 10,000 cr to Rs 15,000 cr more, we will ask them to deposit the money. You (the homebuyers) will get back your money. What else do you want?”