SC threatens to attach Unitech properties over interest payment

The Supreme Court on Monday threatened to attach Unitech’s properties if the company failed to deposit the interest amount on ₹16.55 crore invested by 39 home buyers in its Gurugram project.

A bench headed by justice Dipak Misra fixed May 9 as the deadline for depositing the amount, which is around ₹15 crore.

“We shall issue orders of attachment of properties if the money is not deposited,” the court said as it rejected the company’s request to give it more time for complying with the orders.

The 39 homebuyers, who moved the court, had booked flats in Unitech’s Vista housing project in Gurugram.

They had sought a refund of their principal amount, totalling ₹16.55 crore with interest, after the developer failed to deliver flats by 2012 according to the promise it made to homebuyers.

On the directions of the court, Unitech has already delisted the principal amount that has been refunded to the investors. The court is, however, yet to take a final decision on the quantum of compensation to be paid to the owners for not fulfilling the promise to give possession of the flats.

“People are crying. You don’t understand the circumstances under which they are coming to this court,” the bench told the lawyer.

Unitech offered to deposit part payment of ₹4 crore and sought time to give the balance. The lawyer claimed the draft of the said amount was ready and cited financial difficulties for the company’s inability to pay.

The real estate firm is undergoing severe crisis after its directors Sanjay Chandra and Ajay Chandra were arrested by Delhi Police in connection with a cheating case lodged by home buyers. Within hours of getting bail in the matter, they were taken into custody by Gurugram police for allegedly duping investors there.