Supreme Court to auction Unitech properties to refund home buyers

Leslie Hanson
March 12, 2018

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.

The Supreme Court said on Monday that it will auction real estate major Unitech's properties to refund home buyers. The top court directed Unitech to submit a list of unencumbered properties for including personal assets of directors of the company.

"We will auction. We will proceed with the auction", said the bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud.

SC said that it was anxious for the home-buyers who are the real victims of cheat and fraud.

The details of the assets have to be filed within 15 days. "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.

The court set March 26 as the next date of hearing.

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

The bench said that it has prepared a list of unencumbered properties but it was incomplete. Chandra, who is presently lodged in the jail for not refunding money and not giving flats to homebuyers at the right time, is constantly seeking interim bail from the apex court.

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 plus Rs10 crore) by 10 April for development of its Gurgaon-based housing projects.

Other reports by Iphone Fresh

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