Supreme Court has directed Jaiprakash Associates to deposit Rs 200 crore by May 10 and ruled that the deposited funds will be used for disbursements among homebuyers.
The firm has to deposit Rs 100 crore by April 15 and the rest by Rs 100 crore by May 10. The disbursements to the homebuyers will be used on a pro-rata basis for those who have sought refunds.
The homebuyers council and the resolution professional has clarified that as far as the insolvency proceedings for Jaypee Infrastructure is concerned, they have received bids from Adani and Sajjan Jindal. JP Associates, however, reasoned with the apex court that their bid for Jaypee Infra should be allowed.
This was asked for even though the Insolvency and Bankruptcy Code bars promoter groups from submitting bids in the resolution process.
The next hearing on this case will take place on April 16