SC asks Jaiprakash Associates to deposit Rs 1,000 crore by June 15
Lawyer Anupam Lal Das, appearing for JAL, said its proposed revival plan for JIL ought to be considered afresh by the Committee of Creditors (COC). "We have proposed the best revival plan and the liquidation of JIL is neither in the interest of creditors, nor in the interest of home buyers," he said. The firm has proposed to offer 2,000 equity shares of JIL, the company facing the insolvency proceedings, to each home buyer as part of its Rs 10,000-crore proposal to revive it, he added.
The Supreme Court today asked realty firm Jaiprakash Associates Limited (JAL) to deposit an additional Rs 1,000 crore with its Registry by June 15 to provide refunds to the hassled home buyers. Image source: Reuters