SC orders listing of Unitech assets to start auction process

NEW DELHI: The Supreme Court said on Monday that a public notice of a list of unencumbered assets of Unitech Limited may be issued to invite objections, setting in motion the auction process of the real estate company that has over Rs 6,000 crore debt and over 16,000 undelivered units from a total of nearly 70 projects.

A bench headed by Chief Justice Dipak Misra issued the order so that it is ensured that the properties are unencumbered for auction. The money will be utilized to pay back the home buyers.

Unitech also got the court’s approval to sell its company Unitech Power Transmission at a cost of Rs 100 crores. The court directed that the buyer company deposit the money in the court registry after which it can go ahead with the sale deed. SC fixed May 2 for the deposit. Unitech was also allowed to sell 11 of 26 acres of land in Bengaluru owed by it at a cost of Rs 40 crores. SC modified its earlier order that restrained the real estate company from selling or alienating its properties, allowing the company to go ahead with the sale in Bengaluru.

A cost of Rs 75 lakh was also imposed on Chennai-based Om Shakti Agency for retracting from its assurance to deposit Rs 90 crore with the SC registry in lieu of purchasing Unitech’s property near Chennai. “You have disturbed and troubled the court. Sell your house, sell your property, but deposit t he amount,” the bench said and cancelled the agreement it had signed with Unitech.

SC also asked lawyer Pawan Shri Agarwal, who is assisting the court, to assist it in addressing the grievances of the home buyers, to issue a public notice in prominent dailies.

The bench also restrained other courts and authorities from taking coercive steps against the company and its jailed director Sanjay Chandra. The matter would be heard again on May 2. Chandra is in Tihar jail in connection with a cheating case registered against him with the Delhi Police by homebuyers. SC has refused to grant him bail till he deposits Rs 250 crore with the court.

SC ALSO RESTRAINED OTHER COURTS AND AUTHORITIES FROM TAKING COERCIVE STEPS AGAINST THE COMPANY AND ITS JAILED DIRECTOR SANJAY CHANDRA