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SC orders auction of Unitech properties to refund money to homebuyers

A bench headed by Chief Justice Dipak Misra also directed Unitech Ltd to submit a list of all properties of the company

Press Trust of India  |  New Delhi 


The on Thursday asked a panel headed by former Justice S N to proceed with the auction of Ltd's unencumbered properties at and in and in to refund money to

The top court had earlier set up the three-member panel for "expeditious" auction of over 600 acres of land of the firm for refunding money to who do not want possession of their homes or flats.

A bench headed by also directed Ltd to submit a list of all properties of the company, its subsidiaries and personal properties of all the directors on July 9.

The bench, also comprising Justices A M Khanwilkar and D Y Chandrachud asked the Justice panel to complete the process of auctioning the land properties of the firm at within four weeks from Friday.

It asked the panel to conclude auctioning of the properties in and within six weeks.

The court was intimated by the panel that it was making efforts to ensure that the auctioning fetches "good price".

Meanwhile, the Income Tax department moved the apex court for making itself a party in the ongoing litigation claiming that the firm owed it Rs 9.50 billion in taxes.

Ranjit Kumar, appearing for the firm, said it also wanted to sell the properties at The court then asked the Justice committee to undertake the exercise of valuation of the properties in 10 days.

The bench asked lawyer Pawanshree Agarwal, who is assisting the court as the amicus curiae, and the for the real estate firm to "sit together" for verification of the and their actual claims for refund.

The court did not pass any order on the submission that Sanjay Chandra, the MD of the firm and his brother Ajay Chandra, who are in jail, be allowed to come out so that they can arrange funds to refund the home buyers.

The bench sought the firm's response on the allegations of some home buyers, who were allowed to take possession of their flats on "as is where is basis", that the high-rise buildings have neither lifts, nor water or power back-up.

The bench posted the bail plea of Chandra for further hearing on July 16.

The court had set up the Justice Dhingra panel asking it to nominate a and a valuer in the committee for speedy auction of over 600 acres of unencumbered land of the firm.

Ltd had given a list of its unencumbered land properties located at Agra, Varanasi, and near Chennai.

Prior to this, the apex court had asked all directors of and its subsidiaries to furnish details of their personal assets and warned them that if Rs 100 crore was not deposited by May 11, their assets would be auctioned.

Sanjay Chandra, the MD, is seeking interim bail from the apex court after the on August 11 last year had rejected the plea in a criminal case lodged in 2015 by 158 home buyers of Unitech projects -- 'Wild Flower Country' and 'Anthea Project' -- situated in Gurgaon in

First Published: Fri, July 06 2018. 09:40 IST