Jaypee debt: Supreme Court directs group to deposit Rs 2 billion

The Supreme Court on Wednesday directed the Jaypee Associates to deposit Rs 2 billion as a part payment of the amount required to pay the principal amount to 2,800 home buyers seeking refund.

A bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud said that Rs 1 billion would be deposited by April 15 and the remaining Rs 1 crore by May 10.

Directing the next hearing of the matter on April 15 to see whether its order has been complied with, the court said that the amount so collected would be distributed to the home buyers seeking refund on pro rata basis.

The court also stayed all notices for demands raised by the developers to the home buyers seeking refund of their money.