SC extends Jaypee Associates deadline to deposit additional Rs 125 cr to Jan 25

 

New Delhi, Dec 16: The Supreme Court on Friday extended the deadline for Jaypee Associates, the parent company of embattled Jaypee Infratech Ltd, to deposit an additional Rs 125 crore with the apex court to Jan 25, 2018. The court has set February 1 as the next date for hearing the case. Jaypee Associates had deposited Rs 150 crore with the registry on Wednesday.
At the last hearing on November 22, the Supreme Court had allowed the parent company of Jaypee Infratech Ltd to deposit Rs 275 crore on that day and another Rs 275 crore by December 31 (Rs 150 crore by December 13, 2017 and Rs 125 crore by December 31, 2017).
No specific timeline was given to deposit the remaining Rs 1,450 crore. But the SC order that day did say that “Needless to say that direction for deposit of Rs 2000 crore shall remain as it is. The only indulgence is to pay the same in instalments.”
This was against the earlier order asking the promoters to deposit Rs 2000 crore by November 13 which the promoters were unable to meet even after four deadlines expired.
Last week, the Supreme Court registry wanted that the amount of Rs 275 crore deposited by the troubled Jaypee Associates to be transferred from the general account of the Supreme Court to a fixed deposit so that it could earn interest. The request has been accepted.
The amicus curiae of the Jaypee insolvency case, Pawan Shri Aggarwal, was directed by the Supreme Court last month to update the portal where homebuyers who have booked apartments in various Jaypee projects in Noida could register their claims.