Business Standard

Unencumbered assets of Unitech will be auctioned: SC

IANS  |  New Delhi 

The on Monday said it will get auctioned the unencumbered properties of Unitech, including personal assets of Sanjay Chandra, in order to pay back seeking of their money.

"We will .. We will proceed with the auction," said a bench of Dipak Misra, Justice A.M. Khanwilkar, and Justice

The bench was told that has prepared a list of unencumbered properties but it was incomplete.

On March 5, the apex court had directed to submit a list of its unencumbered properties.

"... the competent authority of Limited shall file an affidavit mentioning the details of its properties and its subsidiaries, situated in as well as outside, which are free from encumbrances," the court's March 5 order said.

The court asked Ranjit Kumar, appearing for Unitech, to file the incomplete list along with an affidavit. However, the will complete the list before the next date of hearing.

Pressing for Chandra's bail, Kumar cited the instance of chief Subrata Roy's bail.

"Here (there are) actual They feel cheated and deceived," Misra said, apparently indicating that in the case of Sahara, the investors, as of now, were yet to be ascertained.

In a related development, the court imposed a Rs 25-lakh fine on Chennai-based and dismissed its intervention application.

had picked up the loan obligation of Unitech towards the HDFC and rescheduled its repayments.

Besides, it had advanced further loan for the completion of 17 projects in Chennai, Bengaluru, Kolkata and Gurugram, the court was told.

Describing the action of as a "diversion" from the main issue, the apex court said that during an earlier hearing of the matter an impression was created that JM services was there to help the

The court said that Guru Krishna Kumar, appearing for the company, had urged it to reconsider the fine on the company.

and his brother were arrested in April last year after investors, who did not get apartments 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, March 12 2018. 17:22 IST