The Supreme Court today sought details of all unencumbered assets of embattled real estate major Unitech Ltd., and said these would be auctioned to refund money to homebuyers.
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 some loans advanced by HDFC Bank to Unitech.
The bench, also comprising Justices AM Khanwilkar and DY Chandrachud, said that the asset reconstruction company had given the impression that it would pay the money to refund homebuyers and now the entire proceeding had been diverted. “We treat it as an unnecessary diversion from the main case,” the bench said while imposing the cost.
The bench asked the real estate company to file the details of its unencumbered assets and made it clear that they would be auctioned to settle the deals of hassled homebuyers.
The details of assets have to be filed within 15 days from today.
The firm had on March 5 told the apex court that Mumbai-based firm JM Financial Ltd. was interested in financing their under-construction projects.
The apex court had on Oct. 30 last year said that Unitech Managing Director Sanjay Chandra, who is currently in jail, would be granted bail only after the real estate group deposited money with its registry by December-end.
The top court had earlier directed the jail authorities to facilitate Chandra’s meeting with his company officials and lawyers so that he could arrange money to refund the homebuyers and for completing the ongoing housing projects.
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