SC may consider passing orders for e-auction of Unitech land

The Supreme Court on Monday said that it may consider passing orders for e-auction of 618 acres of Unitech land in Varanasi, Agra, Tamil Nadu by the end of July to generate funds to meet refund demands from buyers.

The next date of hearing of the Unitech case is July 5.

Unitech owes Rs. 723 crore to 51,000 fixed deposit holders, and the company and its subsidiaries are yet to deliver 19,000 flats to buyers

On March 12, the apex court had said that it will consider auctioning real estate investment firm Unitech's unencumbered properties to raise money to refund home buyers.

To proceed with the auction, the top court had asked the Unitech realtors to furnish a complete list of its unencumbered assets in India and abroad including the details of personal assets of the company's promoters.

A bench headed by Chief Justice of India (CJI) Dipak Misra had also imposed a cost of Rs. 25 lakh on JM Financial ARC Ltd. for giving the wrong impression to the court and diverting its attention from the home buyers' issue.

Earlier, Unitech had claimed that lending company JM Financial ARC was willing to finance its housing projects and the court had accordingly asked its managing director or a competent officer to be personally present in court for the next hearing.

On March 5, the top court directed Unitech Ltd. to file a detailed affidavit of their assets both in India and abroad.

Earlier, the apex court had ordered Unitech to deposit an amount of Rs. 750 crore before the court to ensure refund to its home buyers.