इंडियन आवाज़     23 Apr 2018 11:16:38      انڈین آواز

SC asks JP Associate to submit details of ongoing housing projects

agencies/ NEW DELHI

scThe Supreme Court today directed realtor Jaiprakash Associate Limited (JAL) to give details of its ongoing housing projects in the entire country while reiterating its direction that its directors shall not alienate their personal properties.

A bench headed by Chief Justice Dipak Misra also directed amicus curie Pawan Shree Agrawal to set up a portal to take note of the grievances of the home buyers of JAL.

The bench, also comprising Justices A M Khanwilkar and D Y Chandrachud, said it would decide at a later stage the application of Reserve Bank of India seeking its nod to file insolvency proceedings before the National Company Law Tribunal against the promoter company JAL.

The bench said the interest of homebuyers was important and the JAL will have to deposit the money in pursuance of its earlier order.

JAL has deposited Rs 425 crore with the apex court registry so far.

Earlier, the top court had restrained 13 directors five promoters and eight independent directors from alienating their personal properties as well as that of their immediate family members.

The apex court, on November 13 last year, had also restrained the managing director and the directors of Jaypee Infratech Ltd from travelling abroad without prior permission.

The top court had on September 4, 2017, the stayed insolvency proceedings against the real estate firm before the NCLT.

The plea said, hundreds of home buyers have been left in the lurch after the NCLT, on August 10, 2017, admitted the IDBI Bank’s plea to initiate insolvency proceedings against the debt-ridden realty company for defaulting on a Rs 526 crore loan.

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