1. SC orders to disburse Rs. 15 crore deposited by Unitech to investors

SC orders to disburse Rs. 15 crore deposited by Unitech to investors

In a major relief to investors, the Supreme Court on Wednesday ordered to disburse Rs. 15 crore deposited by the Unitech builders in the court's registry to the investors on a pro rata basis after the builder failed to complete its projects on time.

By: | New Delhi | Updated: October 19, 2016 4:53 PM
While passing the order, Justice Misra said Rome was not built in one day and the foundation of any economy was the "faith" that a buyer reposed in the seller. (Reuters) While passing the order, Justice Misra said Rome was not built in one day and the foundation of any economy was the “faith” that a buyer reposed in the seller. (Reuters)

In a major relief to investors, the Supreme Court on Wednesday ordered to disburse Rs. 15 crore deposited by the Unitech builders in the court’s registry to the investors on a pro rata basis after the builder failed to complete its projects on time.

The apex court directed to refund the money to 38 buyers as buyers refuse to rely on the assurance of possession by 2017 and has directed Unitech to deposit Rs. two crore more in registry in the next four weeks.

The investors will have to deposit their relevant documents to obtain the money.

The next hearing on the matter is scheduled to take place in the second week of January. The top court also told the Unitech developers to live up to the terms of its contract in the vistas project in Gurgaon.

Last week, the Supreme Court also directed Parsvnath Developers to deposit Rs.12 crores with the court’s registry in four weeks in a case related to delay in possession of flats in the Parsvnath Exotica project in Ghaziabad.

Last month, the Supreme Court pulled up Unitech, which had been asked to deposit Rs. five crore by August 5, 2016, for delaying the completion of a high-end residential project Burgundy that the real estate firm had launched on the Noida-Greater Noida Expressway, saying it will be liable to contempt of court if it violates the settlement terms.

The apex court said that the chairman and the managing director of the company will be liable for contempt of court.

“Buyers can directly move the Supreme Court for any violation of settlement terms so that Companies like Unitech learn a lesson,” the apex court observed.

The real estate firm told the top court that it is giving two plots each to three flat allottees in Burgundy towers (Noida) who had not been given possession.

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