The Supreme Court on May 16, stayed the liquidation process of Jaypee Infratech subject to Jaiprakash Associate (JAL), its parent company, depositing Rs 1,000 crore by June 15 with court’s registry.
The bench comprising of Chief Justice of India, Dipak Misra, judge AM Khanwilkar and judge DY Chandhrachud, was hearing a public interest litigation case filed by Delhi-based Chitra Sharma along with 23 other home buyers through their lawyer Ashwarya Sinha.
JAL’s counsel Anupam Lal Das however said that it will be difficult for them to submit such an amount within one month period. In September 2017, the apex court had ordered JAL to deposit Rs 2,000 crore out of which the company has deposited a total of Rs 750 crore till date.
“It is hard for any realty company to deposit such a huge amount, but we will see what can be done,” Das informed ET Realty.
During the proceedings, Amicus Curiae Pawan Shree Agarwal submitted a proposal for disbursal of money to those home buyers seeking refunds. The court asked Agarwal to see if any of those seeking refunds want to change their stand and seek possession instead.
SC also asked the Amicus Curiae to meet with the lenders of Jaypee Infratech and submit details of the amount they seek.
The insolvency resolution professional (IRP) Anuj Jain also urged the apex court to allow them to go forward with the resolution plans of Adani Group, Kotak-Realty-Cube Highways or Lakshadweep, which was outrightly reject by SC as the deadline for resolution process has ended.
Previously, the IRP had said in the court that the resolution process for Jaypee Infratech has failed and liquidation is the only process under the Insolvency and Bankruptcy Code (IBC).
According to media reports, Lakshadweep, a joint venture between Sudhir Valia-led Suraksha Asset Reconstruction Company and Dosti Realty had shown interest to revise its bid of Rs 7,350 crore.