Apex Court for auctioning Unitech's assets

The Supreme Court on Monday took note of all the unencumbered assets of real estate major Unitech Limited and ordered that a public notice be issued inviting objections for auctioning them to realise the dues of the hassled home buyers.

A bench headed by Chief Justice Dipak Misra also imposed a cost of Rs 75 lakh on Om Shakti Agency (Madras) Pvt Ltd for its submission that it cannot deposit Rs 90 crore with the apex court Registry in lieu of purchasing Unitech Ltd's property near Chennai in Tamil Nadu.

The company had earlier said it was going to purchase the land of Unitech Ltd and deposit the money with the apex court, which in turn would have disbursed it to the home buyers who wanted their money back. The bench, which also comprised Justices A M Khanwilkar and D Y Chandrachud, took strong note of the submission that the company cannot deposit the money as it does not have the required funds.The apex court also asked lawyer Pawan Shri Agarwal, appointed as an amicus curiae to assist it in addressing the grievances of the home buyers, to issue a public notice in prominent dailies for ascertaining that the properties were free from incumberances and may be auctioned. The bench, meanwhile, considered the submission of senior advocate Ranjit Kumar that a Bangalore-based company has taken over one of the subsidiaries of Unitech and would be paying about Rs 100 crore, which will be deposited with the apex court.

Unitech Ltd also said it was going to dispose of its 26 acres land near Bangalore and asked the court to allow it to enter into the sale agreement with the purchaser.