SC to consider e-auctioning of 618-acre Unitech land

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New Delhi | Published: May 15, 2018 5:12:22 AM

The Supreme court on Monday said it will consider various proposals for recovery of money, including e-auctioning of 618 acre of Unitech’s land in Banaras, Agra, Tamil Nadu by July-end, to meet refund demands of the embattled real estate firm’s homebuyers.

unitech, real estate, supreme courtA total of 4,688 homebuyers are claiming a refund of `1,865 crore from Unitech. Unhappy with the company’s failure to raise money to pay homebuyers, the SC said it will decide the auction process on July 5, the next date of hearing.

The Supreme court on Monday said it will consider various proposals for recovery of money, including e-auctioning of 618 acre of Unitech’s land in Banaras, Agra, Tamil Nadu by July-end, to meet refund demands of the embattled real estate firm’s homebuyers. A total of 4,688 homebuyers are claiming a refund of Rs 1,865 crore from Unitech. They had booked their flats in various housing projects undertaken by the company.

Unhappy with the company’s failure to raise money to pay homebuyers, a Bench led by Chief Justice Dipak Misra said it will decide the auction process on July 5, the next date of hearing. The company was given time till May 11 to deposit rs 100 crore that it would raise through sale of its power firm to a prospective buyer in Bengaluru.

Besides, Unitech was supposed to deposit `750 crore by December to secure bail of its managing director Sanjay Chandra. The money has not yet been deposited and repeated requests to release Chandra have been denied by the court. Chandra is seeking an interim bail from the apex court after the Delhi HC on August 11, 2017, rejected his plea in a criminal case lodged in 2015 by 158 home buyers of Unitech projects’ — Wild Flower Country and Anthea Project — in Gurgaon.

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.

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