Rs 125 crore deposited by JP Varna will go to Tihar jail: Supreme Court

The amount of Rs 125 crore is a part of 2000 crores, which the Supreme Court has asked JP Associates to submit to the Registrar.

New Delhi: The Supreme Court on Wednesday ordered JP Associates to deposit Rs 125 crore as per their previous order. 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.

The money back from JP Infratech's house
is part of the amount of Rs 2000 crore, which the Supreme Court has 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 has to deposit 125 crores till January 25.

Chief Justice Deepak Mishra, Justice A.M. Khanuwilkarkar and Justice D.Y. Chandrachud's bench has ordered JP Associates to file an affidavit giving details of all the Residential Projects.

The action under IBC will be considered later on.
The Reserve Bank of India has applied to demand for initiating proceedings under the bankruptcy and bankruptcy code-Insolvency and Bankruptcy Code (IBC) against JP Associates. The Supreme Court said today that he will consider this demand later and JP will have to deposit the amount so that JP's house buyers can get relief as soon as possible.

JP Associate deposited so much amount till now 
on November 22 the firm had deposited Rs 225 crore in draft form and on December 16, the company had deposited Rs 150 crore in the court. The court had given relief to the company in connection with the same amount of Rs 150 crore in 2 installments and the second installment which was to be deposited on December 31. In this way, the Supreme Court gave the company a little more time to protect the interests of JP's house buyers, but today the court has warned the JP Group.