Supreme Court to auction Unitech properties to refund home buyers

Unitech assets to be auctioned? Here is what beleaguered builder faces

Unitech case The Supreme Court bench said that it has prepared a list of unencumbered properties but it was incomplete. Image source

The Supreme Court on Monday said it would auction the unencumbered properties of real estate major Unitech, including personal assets of Managing Director Sanjay Chandra, in order to pay back home buyers seeking refund of their investment.

The next date of hearing is 26 March.

Auburn faces Charleston on Friday in return to NCAA Tournament
They upset Gonzaga - albeit at home - in December, and they recently notched two wins over Nevada, including Friday's 90-73 rout. Guard Kyron Cartwright heads the point and is averaging 11.0 points per game and ranks 23rd in the nation in total assists (187).

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

The apex court had on October 30 previous year said the Unitech Ltd Managing Director Sanjay Chandra, now in jail, would be granted bail only after the real estate group deposited money with its registry by December-end. 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. A bench headed by Chief Justice Dipak Misra also imposed a cost of Rs25 lakh on JM Financial ARC Ltd for giving the wrong impression to the court and diverting its attention from the home buyers' issue.

References to Japan PM Abe and wife removed - documents
Aso is also under fire over the scandal although the finance ministry insisted on Friday he had no plans to resign. Aso blamed the changes on "some staff members" at the ministry, and said he had only learned about them on Sunday.

A total of 4,688 homebuyers are claiming a refund of Rs1,865 crore from Unitech. They have booked units in various projects undertaken by the company.

The co-developer, Pioneer, through its counsel submitted that there was a development agreement between it and Unitech for a Gurgaon project under which its liability was limited to only 40 percent whereas Unitech's liability was 60 percent.

Judiciary groups calling on Sereno to resign
Judges and court employees nationwide are expected to wear red in today's flag raising to show their support for Sereno's resignation.

Besides that it has advanced further loan for the completion of 17 projects located in Chennai, Bangalore, Kolkata and Gurugram. Omshakthy Agencies Pvt Ltd has been asked to deposit Rs90 crore for the sale of land in Chennai by March 31. "Here (there are) actual home buyers".

Latest News