Before granting permission to initiate action under the Bankruptcy Act against J.P. Associate Limited (JAL), the Supreme Court has asked how many of his projects are running in the country on Tuesday. The Supreme Court asked JP to give an affidavit that how many housing projects are going on in different parts of the country and what is their position at the moment. The construction work has been done in them.
At the same time, the Supreme Court has directed JP to deposit Rs 125 crore as soon as possible. It was also said that if JP fails to pay money, it will be considered as contempt of court, for which the people linked to him can be sent to Tihar.
Actually, this amount is a part of the two thousand crore rupees, which the Supreme Court had earlier given order to give. This amount will be returned to the people who buy house in the Society created by JP, who have not got the house yet. JP will be given Rs 125 crore by January 25.
The Supreme Court has also said that under the projects of JP Associate Limited (JAL), a separate portal should be started for those who buy the house so that all can be settled at the earliest. The SC will next hear the matter on February 5. Let us know that the Reserve Bank of India (RBI) had reached the Supreme Court on Monday against JP. Earlier, the news came that JP could sell five hotels and resorts to repay the loan. JP was expected to get 2,500 crores from that sale.