SC asks Jaypee to file list of ongoing housing projects in the country

New Delhi: The Supreme Court on Wednesday asked Jaiprakash Associates Ltd (JAL) to file list of its ongoing housing projects in the country.

The apex court has also ordered creation of a portal for registering grievances of homebuyers of JAL.

Reiterating its direction restraining JAL directors from alienating their personal properties, the top court said that it would later deal with RBI's plea seeking its nod to move NCLT to initiate insolvency proceedings against JAL.

Jaypee group is facing huge protest from home buyers due to significant delays in delivery of real estate projects.

Jaypee Infratech has been taken over by a NCLT-appointed Insolvency Resolution Professional (IRP) for recovery of bad loans.

A few months ago, the NCLT had admitted the application by an IDBI Bank-led consortium seeking resolution for Jaypee Infratech under the Insolvency and Bankruptcy Code.

Last week, a senior official said that the company is targeting to complete the construction of pending 24,000 flats in Noida by 2020 at a cost of about Rs 8,000 crore and deliver it to home buyers.

In 2007, Jaypee group started the development of 32,000 flats and plots in its township Wish Town at Noida, of which nearly 8,000 units have been delivered so far.

Of the total flats/plots, Jaypee Infratech, which has already gone into insolvency, began work on 28,000 units while the remaining 4,000 units were with Jaypee groups flagship firm Jaiprakash Associates.