The Supreme Court on Monday directed the non-institutional directors of embattled real estate
firm Jaiprakash Associate limited (JAl) to appear in
person before it next week and furnish details of their personal assets.
The top court's direction came in the wake of its September 11 directive to the JAl to deposit Rs 2,000 crore by October 27 to protect the interests of hassled homebuyers and creditors.
A Bench of Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud, which has now fixed the matter for hearing on November 22, also ordered setting up of a web portal, as done in other cases filed by homebuyers against real estate firms, where homebuyers can lodge grievances regarding non-payment of money or non-delivery of flats by Jaypee Infratech ltd, a group firm of JAl.
It had earlier restrained the managing director and the directors of Jaypee Infratech ltd from travelling abroad without its prior permission and asked the parent company, Jaypee Associates ltd (JAl), to deposit the money.
It has now asked the directors of JAl to furnish details of their personal assets on November 22, the next date of hearing.
During the hearing, the company said it was willing to deposit to Rs 700 crore. However, the plea was opposed by one of its bankers, ICICI Bank, on the ground that it would not be feasible as the process of loan restructuring was on.
Meanwhile, the court also appointed advocate Pawan Shree Agrawal, as an amicus curiae who would set up the web portal to enable the homebuyers of the Jaypee Infratech register their grievances.
The apex court had on November 6 refused to allow the company to deposit to Rs 400 crore with its registry as against Rs 2,000 crore as directed earlier. It had then asked the firm to consider depositing at least Rs 1,000 crore by Monday with its registry.
The top court had asked Jaypee Infratech to hand over the records to the interim resolution professional (IRP) to draft a resolution plan indicating protection of interests of over 32,000 hassled home buyers and creditors.