Supreme Court Comes to the Rescue of Homebuyers, Tells Jaypee Bosses to Pay up 'Like Nice Boys'

New Delhi: Underlining the interests of the aggrieved homebuyers, the Supreme Court on Wednesday restrained five promoters and eight directors of Jaypee group from selling or alienating their assets in any manner.

A bench led by Chief Justice of India Dipak Misra further prohibited the immediate family members of the top management from disposing of their assets.

"You had a pleasant journey riding the top...but you will have to now come down in the interest of the home buyers," said the Court as it pointed out that assets had to be secured so that refund can be made whenever required.

"Pay up like nice boys," the court said.

The bench went through the affidavits filed by the promoters and directors of the group, who were present in the Court today pursuant to the order of disclosing their personal assets through affidavits.

According to the bench, the circumstances warranted that not only the top officials but also their family members, including wife and children, should be stopped from transferring rights in the assets.

"Any violation of this order would make them liable for contempt and criminal prosecution," it cautioned.

The bench maintained that it has nothing personal against the promoters and directors but their hands had to be tied to ascertain interests of the aggrieved homebuyers.

It added that the previous directive of depositing Rs 2000 crore in the Court registry will now be complied with by Jaiprakash Associates Ltd by making payments in instalments.

Rs 275 crore was deposited by Jaypee today. Another Rs 150 crore has to be deposited by December 14, and Rs 125 crore by end of December.

In order to ascertain number of people who want refund and also those who still want flats, the Court appointed advocate Pawan Shree Agrawal as amicus curiae and asked him to set up within a week, a web portal, which would contain all details including grievances of the hassled homebuyers.

The bench has now posted the plea of homebuyers for further hearing on January 10 and directed all the directors to appear again before it on that date.

The Court is hearing a clutch of petitions by homebuyers, who have claimed either refund or allotment of flats from Jaypee, which had to undergo insolvency proceedings.