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SC orders auctioning of Unitech's assets
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SME Times News Bureau | 10 Apr, 2018
The Supreme Court on Monday ordered that a public notice inviting
objections to sale of assets of real estate major Unitech Ltd be issued
for auctioning them, in order to pay back home buyers seeking refund of
their money.
The public notice is aimed at ensuring that properties are unencumbered before the sale takes place.
A
bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice
D.Y. Chandrachud sai that a public notice be issued in prominent
dailies for ascertaining that the properties were free from
incumberances and may be auctioned.
In a related development, the
court also imposed a cost of Rs 75 lakh on Om Shakti Agency (Madras)
Pvt Ltd for its submission that it cannot deposit Rs 90 crore with the
apex court registry in lieu of purchasing Unitech Ltd's property near
Chennai.
Earlier, the company had said it was going to purchase
the land of Unitech Ltd and deposit the money with the top court, and
would disburse it to the home buyers who wanted their money back.
However, the company now said it cannot deposit the money as it does not have the required funds.
Senior
counsel Ranjit Kumar, appearing for Unitech, told the court that a
Bengaluru-based company has taken over one of the subsidiaries of
Unitech and would be paying about Rs 100 crore, which will be deposited
with the top court.
Earlier, the court had said that it will get
auctioned the unencumbered properties of Unitech, including personal
assets of Managing Director Sanjay Chandra, to realise the dues of the
home buyers.
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