SC to auction unencumbered Unitech assets
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.