Good news for JP's home buyers: JP Associates deposits 125 crores in the Supreme Court

The Bench headed by Chief Justice Deepak Mishra ordered the company to deposit Rs 2000 crore in installments in installments.

New Delhi: People who are trapped in trouble by buying a JP Group (Builder) house can get some relief. Jayprakash Associate Ltd, who is involved in legal disputes with the house buyers, has deposited 125 crores in the Supreme Court on the directions of the Supreme Court. The company had to deposit this amount till January 25.

Sources said that JP Associates had deposited Rs 425 crores in its Registry on the directions of the Supreme Court to protect the interests of the troubled house buyers and to deposit the remaining Rs 125 crores till yesterday. As per the court order, JP Associate Limited had to deposit Rs. 550 crores in its registry.

The Bench headed by Chief Justice Deepak Mishra ordered the company to deposit Rs 2000 crore in installments in installments.

On January 10, the apex court had instructed the firm to present the draft of its residential projects in the country, saying that the house buyers should get their house and otherwise their money should be returned.

In order to take action to declare this firm as bankrupt, the National Company La Tribunal, a petition filed by IDBI Bank, had accepted for consideration on August 10 last year. After this hundreds of house buyers had come in crisis and they had approached the court to keep their interest

On January 10, the court ordered that the
Supreme Court order on January 10 to deposit 125 million rupees as per its earlier order to the Jaypee Associates. The court said that if he fails to comply with the directive, he will be convicted of contempt of court and sent to Tihar Jail.

JPMorganInfraTech's money back home
is part of Rs.2000 crores, which the Supreme Court had asked JP Associates to submit to the Registrar. With this amount JPM Infratech will be refunding the money to those who buy the house. JP Associates had to deposit 125 crores by January 25, which they had submitted.