Saturday, 14 July 2018 | PNS | New Delhi
Promising refund to thousands of home-buyers who were left without flat or money by the real estate firm Jaypee Group, the Supreme Court on Friday observed that it never realised the case of such a big magnitude while taking it up last year.
Moving towards an early resolution of the case hanging fire in Supreme Court for the past 11 months, the Bench headed by Chief Justice Dipak Misra assured that the rights of homebuyers will be determined on Monday. Along with it, the Court will also determine the viability of allowing the Jaypee group to complete the projects in order to deliver possession to homebuyers.
With Rs 750 crore already deposited by the Jaiprakash Associates Limited (JAL) with the Supreme Court Registry towards refund, the amicus curiae Pawanshree Aggarwal stated that the refund liability comes to Rs 1,300 crore.
For JAL, senior advocate Fali Nariman submitted that the company was not in a position to pay the remaining Rs 600 crore owing to cash crunch and its assets being under liquidation.
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