Supreme Court likely to auction Unitech's unencumbered assets to refund home buyers

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

SC asked Unitech to submit a list of properties including personal assets of directors of the company.

Unencumbered properties are those which are debt-free and not subject to any claims by creditors.

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 court also imposed a fine of fined Rs 25 lakh on JM Financial Asset Reconstruction Company, which had taken over some of Unitech's loans.

SC said that it was anxious for the home-buyers who are the real victims of cheat and fraud. The details of assets have to be filed within 15 days from today.

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

According to reports in NDTV Chief Justice of India Dipak Misra said "You (Unitech) have cheated and decided home buyers".

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.

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.

The next hearing of the case is on March 26. Its net loss stood at over Rs 17 crore in the year-ago period.


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