Tuesday, 14 August, 2018


Supreme Court to auction Unitech properties to refund home buyers

Image for representation Image for representation
Conrad Doyle | 12 March, 2018, 23:31

The Supreme Court of India today asked the troubled real estate company Unitech Limited to furnish the details of unencumbered assets for auction purposes later to raise money to refund home-buyers.

"Actual home buyers are here and they have been cheated", the bench said, adding "we will direct auctioning of all unencumbered properties of the company (Unitech) to realise the dues of the home buyers".

Earlier, the NCLT had barred directors of the real estate major from acting as co-directors of the company and also issued a notice to Unitech Ltd on the Ministry of Corporate Affairs' plea, seeking a response in four weeks.

". the competent authority of Unitech Limited shall file an affidavit mentioning the details of its properties and its subsidiaries, situated in India as well as outside, which are free from encumbrances", the court's March 5 order said.

Inspite of court asking the company to submit the list of the properties, the firm said that the list is incomplete.

On 29 January, Unitech had informed the court that it had finalized a Rs400 crore deal for the sale of two land parcels in Chennai that would enable it to complete unfinished projects and refund buyers. "They feel cheated and deceived", Chief Justice Misra said, apparently indicating that in the case of Sahara, the investors, as of now, were yet to be ascertained.

JM Finance Limited also faced the brunt after the Supreme Court imposed a fine of Rs 25 lakh for diverting the case. "JM Financial Asset Reconstruction Company Limited had taken over the loans of Unitech and said that will help the real estate company complete the pending projects".

Besides, it had advanced further loan for the completion of 17 projects in Chennai, Bengaluru, Kolkata, and Gurugram, the court was told.

When senior advocate Ranjit Kumar, appearing for the firm's MD, said that he was in jail, the court said, "you pay the money and get the bail". JM Financial Asset Reconstruction Company Limited, however, pleaded with the court not to impose fine as it said that it was helping Unitech complete the projects as a lender. Accordingly, the court had asked its representatives to be present today.

Last year, the SC had said Unitech MD Chandra, who's now in prison, will be given bail only after the company deposited money with its registry.

The Delhi High Court too refused to extend the interim bail that ended on August 10 previous year.

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