SC warns Unitech :May sell your assets to refund home buyers

Team SoOLEGAL 13 Mar 2018 5:00pm

SC warns Unitech :May sell your assets to refund home buyers

New Delhi : In a  stern warning to Unitech,Supreme Court bench headed by Dipak Misra  asked Unitech to furnish a list of its unencumbered assets in India and abroad , including details of personal assets of the company’s promoters by March 26,the next date of hearing.The Supreme Court  said  it will consider auctioning embattled real estate firm Unitech Ltd’s unencumbered properties to raise money to refund home buyers.

In the last hearing held on March 5, the court had asked the company to submit an affidavit with complete details of assets, for which the company sought more time on March 13. The bench also imposed a cost of Rs25 lakh on JM Financial Asset Reconstruction Company, which had taken over some loans advanced by HDFC Bank to Unitech, for giving the court the wrong impression that it would pay the money for refunding home buyers.

At the last hearing, Unitech had claimed that JM Financial ARC was willing to finance its housing projects and the court had accordingly asked its managing director or a competent officer to be personally present in court on the next date. Unitech’s co-developer Pioneer Urban Land and Infrastructure Ltd was also asked to deposit a total of Rs40 crore in two instalments (Rs30 crore and Rs10 crore) by  April 10 for development of its Gurgaon-based housing projects.

On January 29, Unitech had informed the court that it had finalised a Rs400 crore deal for the sale of two land parcels in Chennai that would enable it to complete unfinished projects and refund buyers.

In this regard, Omshakthy Agencies (Madras) Pvt. Ltd has been asked to deposit Rs90 crore for the sale of land in Chennai by 31 March. Unitech had told the court in October that it would like to monetize its unencumbered properties and other assets to recover money that would be used for the process of refunding buyers and completing projects that are stuck.

The apex court had on October 30 last year said that Unitech Ltd Managing Director Sanjay Chandra, currently in jail, would be granted bail only after the real estate group deposited money with its registry by December-end.

The top court had earlier directed the jail authorities to facilitate Chandra's meeting with his company officials and lawyers so that he could arrange money to refund the home-buyers as well as for completing the ongoing housing projects.

Chandra is seeking interim bail from the apex court after the Delhi High Court on August 11 had rejected the plea in a criminal case lodged in 2015 by 158 home-buyers of Unitech projects' -- 'Wild Flower Country' and 'Anthea Project' -- situated in Gurugram.

Tagged: SC   Home buyers   Unitech  
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