Supreme Court asks Unitech to give list of assets, says would auction them to pay homebuyershttps://indianexpress.com/article/business/companies/supreme-court-asks-unitech-to-give-list-of-assets-says-would-auction-them-to-pay-homebuyers-5095566/

Supreme Court asks Unitech to give list of assets, says would auction them to pay homebuyers

Unitech said the funds provided by J M Financial Asset Reconstruction Company Ltd would be used by it to finish its pending projects which would then be handed over to the homebuyers.

unitech home buyers case, unitech case in supreme court news, unitech news, unitech refund for home buyers, supreme court, india news
The Supreme Court said “we will direct auctioning of all unencumbered properties of the company (Unitech) to realise the dues of the home buyers”.

The Supreme Court on Monday asked real estate firm Unitech Limited to furnish detals of its unencumbered properties in India and abroad saying the same would be auctioned to clear dues of homebuyers who had booked units in its projects but had not got the same.

“The competent authority of the 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,” a bench of Chief Justice of India Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud said and warned that it would initiate perjury proceedings if the affidavit was not true.

The court added “we will direct auctioning of all unencumbered properties of the company (Unitech) to realise the dues of the home buyers”.

The bench took umbrage over bringing into the picture an asset reconstruction company saying “we treat it as an unnecessary diversion form the main case”. The bench imposed a cost of Rs 25 lakhs on the company J M Financial Asset Reconstruction Company Ltd (JMFARCL), which had taken over some loans advanced by HDFC Bank to Unitech Limited.

Advertising

Unitech said the funds provided by J M Financial Asset Reconstruction Company Ltd would be used by it to finish its pending projects which would then be handed over to the homebuyers.

But the bench it was given the impression that the asset company will pay the money needed to refund home buyers and the same would be deposited in the SC Registry.

When senior advocate Ranjit Kumar, appearing for Unitech MD Sanjay Chandra, said his client was still in jail, the court replied , “you pay the money and get the bail”.

The bench granted the real estate firm time till March 26 to provide the list of the unencumbered properties.