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.
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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.
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.
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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.
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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".