November 23, 2017:

The chief justice told the company officials “Achhe bacche bankar paisa jama kar do” (Deposit money as nice children).

While taking a really tough stand against real estate giant Jaypee Group which has repeatedly failed to deposit Rs 2000 Crore in the Supreme Court.

This would be then refunded to home-buyers in its projects.

However the apex court on Wednesday threatened to attach the personal assets of promoters and directors of the Jaypee firm and restrained them from selling any properties belonging to them and their family members.

The bench consisting of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud observed thousands of home-buyers, who had invested in various projects of the company.

They had not been delivered the flats as promised and deserves to get back their money.

Bench made it clear to Jai Prakash Associates Ltd (JAL) that it had no option but to forthrightly deposit the amount in the court.

Apex Court ruled that promoters and directors would be liable to face criminal proceedings for contempt if they sell any of their property without the court’s permission.

Giving a breather to the company, the court allowed it to pay the money in instalments — Rs 275 crore immediately, Rs 150 crore by December 13 and Rs 125 crore by end of the year.

The court would fix schedule for payment of the rest of the amount later.

 

While closing the proceedings, in a lighter vein, the chief justice told the company officials “Achhe bacche bankar paisa jama kar do” (Deposit money as nice children).

As directed by the apex court, all five promoters and eight independent directors were personally present in the court and filed their affidavit giving details of their assets.

Senior advocates Kapil Sibal and Ranjit Kumar, appeared for the Jaypee Group, told the court that the company was making every effort to give possession of the flats and more than 1,300 flats had been handed over to buyers.

Related News @ Latest Laws-

11.9.2017 – SC asks Jaypee Infratech to deposit Rs. 2000 crore by 27th October, Directors restrained from leaving India

4.9.2017 –Supreme Court stays Insolvency Proceedings in NCLT against Real Estate giant Jaypee

16.8.2017 –Govt considering sale of other assets of errant Builders to complete their pending Projects

 

Source - ptinews.com