Jaiprakash Associates Ltd. (JAL) will submit an appropriate proposal before the Supreme Court to protect the interest of its stuck homebuyers.
Last month, JAL was directed by the apex court to deposit ₹1,000 crore in Registry by Friday. This was in addition to ₹750 crore that the company had already deposited with the courts registry for ensuring refund to homebuyers.
“Company will be submitting an appropriate arrangement before the Supreme Court in the interest of homebuyers for direction,” a source in the Jaypee group said.
On May 16, the court had said that the liquidation proceedings against JALs debt-ridden subsidiary Jaypee Infratech Ltd. (JIL) shall remain stayed on submission of this amount.
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