Supreme Court (File) Supreme Court (File) The Supreme Court on Wednesday restrained the promoters and independent directors of Jaypee Associates Ltd (JAL) from alienating their property and warned them of contempt if they do so. The court also allowed subsidiary firm Jaypee Infratech Ltd — which was ordered to deposit in court Rs 2,000 crore to refund home buyers — to do so in installments. “Neither the independent directors nor the promoter directors shall alienate their personal properties or assets in any manner, and if they do so, they will not only be liable for criminal prosecution but contempt of court. That apart, we also direct that the properties and assets of their immediate and dependent family members should also not be transferred in any manner, whatsoever,” a bench headed by Chief Justice of India Dipak Misra ordered. During the hearing, the bench told the promoters and independent directors of the company, who had appeared in the court pursuant to its order, “We have nothing against you. You must give their (those who had paid money to buy apartments and villas in their projects) money back.” “You people have gone to the top at the cost of home buyers and you cannot destroy their lives,” observed the bench, also comprising Justice A M Khanwilkar and Justice D Y Chandrachud. “You mortgage your property or sell it or sell your personal jewellery. Home buyers should get their money back,” the court also said. The court, however, said: “Needless to say that direction for deposit of Rs 2,000 crore shall remain as it is. The only indulgence is to pay the same in installments.” At least Rs 150 crore should be paid by December 13 and another Rs 125 crore by December 31, the court directed after the company’s counsel handed over a draft of Rs 275 crore on Wednesday. For all the latest Delhi News, download Indian Express App

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