SC to auc­tion un­en­cum­bered Unitech as­sets

DNA (Daily News & Analysis) Mumbai Edition - - FRONT PAGE -

The Supreme Court sought on Mon­day the de­tails of all un­en­cum­bered as­sets of em­bat­tled real es­tate ma­jor Unitech Lim­ited and said they would be auc­tioned to re­fund home buy­ers. A bench headed by Chief Jus­tice Di­pak Misra also im­posed a cost of Rs 25 lakh on JM Fi­nan­cial As­set Re­con­struc­tion Com­pany, which had taken over loans ad­vanced by HDFC Bank to Unitech Lim­ited.

The bench said the as­set re­con­struc­tion com­pany had given the im­pres­sion that it would pay the money for re­fund to home buy­ers but di­verted the en­tire pro­ceed­ing.

“We treat it as an un­nec­es­sary di­ver­sion form the main case,” the bench said.

The bench asked Unitec to file the de­tails of its un­en­cum­bered as­sets within 15 days and made it clear they would be auc­tioned to set­tle the deals of has­sled home buy­ers. The firm had on March 5 told SC that J M Fi­nan­cial Ltd was in­ter­ested in fi­nanc­ing their projects.

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