INSUBCONTINENT EXCLUSIVE:
Jaiprakash Associates Ltd
(JAL) will submit an appropriate proposal before the Supreme Court to protect the interest of its stuck homebuyers.
Last month, JAL was
directed by the apex court to deposit ₹1,000 crore in Registry by Friday
This was in addition to ₹750 crore that the company had already deposited with the court’s registry for ensuring refund to
homebuyers.
“Company will be submitting an appropriate arrangement before the Supreme Court in the interest of homebuyers for
direction,” a source in the Jaypee group said.
On May 16, the court had said that the liquidation proceedings against JAL’s debt-ridden
subsidiary Jaypee Infratech Ltd
(JIL) shall remain stayed on submission of this amount.
