Team  SoOLEGAL

SC threatens to auction Unitech bosses’ properties

Team SoOLEGAL 3 May 2018 3:49pm

SC threatens to auction Unitech bosses’ properties

New Delhi: SC bench led by CJI Dipak Misra and Justices A M Kahnwilkar and D Y Chandrachud came down very heavily on the Unitech promoters delaying tactics on depositing of  first installment of Rs 100 crore with SC registry by May 11.This amount is to be used for compensating home buyers who had invested in unfinished projects of Unitech.The court said failure to do so would invite auctioning of personal properties of the directors of the realty firm which had so far failed to either deliver flats or refund money to the restive home-buyers. 

Refusing Abhimanyu Bhandari Unitech’s counsel plea to grant more time to deposit the money, the court told the counsel to submit list of personal properties of the directors to the SC on May 11. This amount is in addition to Rs 38 crore which was already deposited by the company in the SC Registry .The amount has been disbursed among home buyers. Further the counsel was told to tell his client that there should not be any attempt to take a lien on these properties in the intervening period. The counsel in vain tried to argue that directors are mere employees in the company as the judges overlooked this contention.

Sajan Poovayya counsel for Devas LLP ,which had entered into an agreement with Unitech to develop its Bangalore land, said the company had given Rs 15 crore to Unitech for depositing in SC  but company deposited only Rs 5 crore. The court should take as stringent an action as possible and help home buyers get back their hard earned money.

 Gopal Shankaranarayanan, advocate for home buyers told the bench that Unitech has failed to provide the list of its unencumbered properties in places like Isle of Man and Cyprus. He said the realtor should also provide the list of encumbered properties, which could also be sold. The money could be utilised to refund home buyers after satisfying the creditors.

The bench ordered pro rata distribution of Rs 40 crore among home-buyers that had been deposited by Pioneer, another realty partner of Unitech.


Tagged: SC   UNITECH   Home-buyers  
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