The Supreme Court on Wednesday said that the it will decide on Reserve Bank of Indias plea seeking to start insolvency proceedings against JAL on the next date, February 5, and that the central bank should not act on it, legal sources said.
It also ordered that the parent company Jaiprakash Associates (JAL) to submit a list of all its housing projects they have in the country and their stage of construction and that the amicus curiae should create a new portal for homebuyers who had invested in residential projects by JAL, sources said. It added that JAL should not create third-party interest in the properties.
The order augurs well for the home buyers of JAL who also have been stuck for close to a decade now. Their complications h…
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