Jaiprakash Associates case: Big relief for homebuyers, Supreme Court orders firm to deposit Rs 200 crore, sets deadline

In the case related to Jaiprakash Associates, the Supreme Court today directed the real estate firm to deposit Rs 200 crore with the court registry. The apex court also asked the company to deposit Rs 100 crore by April 15, and the remaining Rs 100 crore by May 10. The amount has to be deposited as a part of payment needed to pay the principal amount to 2,800 home buyers seeking refund. The apex court bench comprising Chief Justice Dipak Misra, Justice AM Khanwilkar and Justice DY Chandrachud gave this directive today and said that next hearing of the matter would take place on April 16 to see whether its order has been complied with, and how the amount is paid to the homebuyers.

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The chief justice also expressed concern for the Jaiprakash Associates homebuyers and said that the court wants to help them in getting their flats or in getting their money back. It may be noted that the amount would be distributed among the home buyers seeking refund on pro rata basis. The court also stayed all notices for demands raised by the developers to the home buyers seeking refund of their money.