#RealtyNewsRoundUp: SC Rejects Jaypee Plea To Bid For Infra Arm

While rejecting Jaiprakash Associates’s plea to allow the company to bid for its sister concern Jaypee Infra, the Supreme Court on April 16 asked it to deposit Rs 100 crore with its registry by May 10. This money would be used to compensate pay homebuyers, who have opted for the refund, instead of possession. Meanwhile, the apex court granted permission to company Joint Managing Director Pankaj Gaur and Managing Director Sunny Gaur to travel abroad.

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The government plans to build a new expressway connecting Delhi and Gurgaon with Mumbai, passing through the country’s two most backward districts —Mewat in Haryana and Dahod in Gujarat —in the next three years. The project would cost the government about Rs 60,000 crore, Highways Minister Nitin Gadkari has said. The expressway will reduce the existing distance of 1,450 kilometre between Delhi and Mumbai to about 1,250 km, and will bring down the travel time to about 12 hours. Currently, it takes at least 24 hours to cover the stretch between Delhi and Mumbai through the National Highway-8.

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In a move that would tighten the noose around unscrupulous builders who promise assured returns to buyers and stop payments midway, the National Company Law Appellate Tribunal (NCLAT) has ruled that assured returns promised by a developer to a buyer through a proper agreement is financial debt, and the latter can file for a insolvency resolution under the Insolvency and Bankruptcy Code (IBC) in case the former fails to honour the agreement. Buyers can also move insolvency tribunals in case builders take a lump sum amount from them and fail to give possession or pay the money within a time frame.

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Delhi’s three municipal bodies have failed to get the response they expected to involve citizens' participation in improving civic services. Only over 2,500 people have downloaded the app from Google Playstore that was launched in January this year with much fanfare.

Source: Media reports