Real estate company Jaypee Infratech was on Wednesday ordered by the Supreme Court to pay Rs 50 lakh as interim relief to 10 homebuyers of its Kalypso Court project along the Noida-Greater Noida Expressway.
The realty firm had launched the Kalypso Court project in 2007, with plans to set up 16 towers by 2011. But works are still pending in most of the towers.
The Supreme Court asked the company to pay Rs 50 lakh to Developers Township Property Owners Welfare Society that represents 10 homebuyers in the case. The representing organisation would then pay the money to the owners, reported Economic Times.
This order comes at a time when the company is about to go through insolvency proceedings. The Supreme Court had earlier this week also asked an insolvency professional to take over management of the company.
The professional was also asked to submit an interim resolution plan within 45 days.
The realty firm defaulted on a loan of Rs 526.11 crore from IDBI Bank, after which the bank filed an insolvency case against the company. The National Company Law Tribunal (NCLT) has also commenced proceedings against the real-estate company.
Besides defaulting on loans, the company also took money from 32,000 homebuyers with a promise of delivering homes to them.
However, reports suggested last week that the government-led NBCC (formerly the National Buildings Construction Corporation Ltd) was in talks with the Finance Ministry and lenders of Jaypee Infratech to complete construction of about 27 delayed residential projects in Noida and Greater Noida.
If the deal fructifies, it could save the 32,000-odd homebuyers who have paid Jaypee of as-yet-undelivered houses.
Finance Minister Arun Jaitley had earlier expressed sympathy towards the buyers and said those who paid for flats must get possession.
The NCLT has also appointed Anuj Jain as chief executive officer of the company. He, who along with the government appointed insolvency professional, is expected to steer the company through the court proceedings.
Uttar Pradesh Chief Minister Yogi Adityanath Had recently appointed a three-member committee to help homebuyers of Jaypee sort out their grievances.
