New Delhi: The Supreme Court on Wednesday asked Jaiprakash Associate Limited (JAL), the parent company of Jaypee Infratech, to deposit another 200 crore rupees by 10th May, for refunding the principal amount to those homebuyers, who are opting out of the housing projects of the firm. 

A bench, headed by Chief Justice Dipak Misra, asked the real-estate major to deposit 100 crores by the 6th of next month, and another 100 crores by 10th May. The bench also asked JAL to submit a project-wise chart of home buyers seeking refunds so that amount can be dispersed. 

It also said, no notice for default in payment of EMIs should be sent by the real-estate firm to the home buyers who have opted for refund. The court posted the matter for the 16th of next month to see whether its order has been complied with.

JAL informed the court that only eight percent of 31,000 home buyers have opted for refund and the rest want possession of flats. Earlier, the firm had deposited 550 crore rupees. Jaypee Infratech is facing insolvency proceedings. It owes nearly 2,000 crores to buyers in different projects across Noida