SC asks Unitech to furnish details of assets

[] The Supreme Court has asked embattled real estate company Unitech Limited, to give details of its properties and that of its subsidiaries situated in India and abroad, which are free from encumbrances

A Supreme Court bench of chief justice Dipak Misra and justices AM Khanwilkar and DY Chandrachud, on March 5, 2018, ordered that “A competent authority of Unitech Limited shall file an affidavit, mentioning the details of its properties and its subsidiaries, situated in India as well as outside, which are free from encumbrances. If the affidavit is not true, the proceedings shall be initiated under Section 340 of the CrPC.

“The top court passed the order, while staying coercive actions by the National Consumer Disputes Redressal Commission (NCDRC) against a co-developer of Unitech, subject to payment of Rs 40 crores before the registry of the apex court. “We may clarify that the proceedings shall remain stayed where there is collaboration of the applicants (firm) with the Unitech Limited. The other proceedings against the applicants, barring which is not covered by the collaboration agreement, shall continue,” it said.

[] Consumer commission asks Unitech to refund Rs 29 lakhs to home buyer

At the hearing, the bench was told by Unitech that Mumbai-based firm JM Financial Ltd, was interested in financing their under-construction projects. “Let the matter be listed on March 12, 2018 on which date the managing director of JM Financial Limited, along with his competent officers, who will be able to answer the questions put by the court, shall remain personally present before this court,” the bench said.

The apex court had, on October 30, 2017, said that Unitech Ltd’s managing director Sanjay Chandra, who is currently in jail, will 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 Delhi High Court, on August 11, 2017, had rejected the plea in a criminal case lodged in 2015 by 158 home buyers of Unitech’s projects – ‘Wild Flower Country’ and ‘Anthea Project’ – situated in Gurugram.

Copyright belongs to:

Debora Berti

Università degli Studi di Firenze, IT

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