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SC asks Unitech to give list of assets, says would auction them to pay home buyers

Press Trust of India  |  New Delhi 

The today asked embattled company Limited and its jailed (MD) to give a list of its unencumbered properties in and abroad, and made clear that they would be auctioned to clear dues of

A bench headed by also imposed a cost of Rs 25 lakh on Ltd (JMFARCL), which had taken over some loans advanced by to Limited.

The bench, also comprising justices A M Khanwilkar and D Y Chandrachud, said the and Limited had given the impression that it (the asset reconstruction firm) would pay the money for refund to and now the entire proceeding have been diverted.

"We treat it as an unnecessary diversion form the main case," the bench said while imposing the cost.

"Actual are here and they have been cheated," the bench said, adding "we will direct auctioning of all unencumbered properties of the company (Unitech) to realise the dues of the home buyers".

"The competent authority of the Unitech 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. If the affidavit is not true, the proceedings shall be initiated under Section 340 (perjury) of the CrPC," the bench had said.

When Ranjit Kumar, appearing for the firm's MD, said that he was in jail, the court said, "you pay the money and get the bail".

The has sought time for filing the complete details of unencumbered assets of the firms, saying the chartered accountants are working.

The bench has granted the firm time till March 26 and it's incarcerated MD to give list of its unencumbered properties in and abroad.

After the top court imposed the cost on the Ltd (JMFARCL), a frevent plea was raised on its bahalf for waiving of the fine saying that it was going to help the firm in completing projects and deliver possessions of flats to the home buyers.

The court remained unimpressed.

The firm had on March 5 told the apex court that Mumbai-based firm JMFARCL was interested in financing their under-construction projects.

The apex court had on October 30 last year said that Unitech Limited's Sanjay Chandra, currently 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.

Chandra is seeking interim bail from the apex court after the on August 11 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 Gurugram.

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

First Published: Mon, March 12 2018. 20:45 IST