Business Standard

SC reserves order on auction of Unitech assets

IANS  |  New Delhi 

The on Monday reserved its order on the likely auction of 618 acres of reality Unitech's lands located in Agra, and to realise the money to be paid to the home buyers seeking of their investment.

The bench of Dipak Misra, Justice and Justice reserved the order after more than hour and half-long hearing where it was suggested that a retired of be nominated to oversee the auction, which court indicated to be completed in two months.

The court was told that was the easiest way to put the assets to sale. This was said in response to a query by the court about the easiest way of auctioning the assets.

In response to another query by the court on the time that would be taken in auctioning the lands, the court was told that it may not happen soon as bids have to called and finalised.

The reality has 99 acres of land in Agra, 130 acres in and about 400 acres of land in Of the 99 acres, only 88 acres of holding of the can be put to auction.

The had on April 9 ordered that a public notice inviting objections to the sale of assets of be issued for auctioning them, in order to pay back home buyers seeking of their money.

The issuance of public notice in requisite number of local and national newspapers which have wide circulation was aimed at ensuring that properties are unencumbered before they are put to sale.

Meanwhile, the court on Monday ordered for the disbursal of Rs 40 crore to the home buyers seeking of their money on pro-rata basis.

Unitech's and his brother were arrested in April last year after investors, who did not get flats in the company projects as promised, filed complaints of cheating against them.

They were sent in judicial custody after the trial court refused to extend the three- month interim bail granted to them in April.

The too refused to extend the interim bail that ended on August 10 last year.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 14 2018. 20:50 IST