Unitech Homebuyers Case: Deal To Sell Land Worth Rs 400 Crore Finalised
Unitech was asked to deposit Rs 750 crore in the homebuyers case.
Unitech Ltd. has finalised a deal to sell land worth Rs 400 crore in the homebuyers case in which the company was asked to deposit Rs 750 crore.
The two land parcels that are part of the deal are situated in Chennai, Unitech’s counsels informed the apex court today. The amount will be deposited with the apex court once received, they added.
The Supreme Court on Oct. 30 directed Unitech to deposit Rs 750 crore by December to secure bail for its director Sanjay Chandra, who is in jail in a case of alleged forgery lodged by buyers of Unitech’s housing project in Gurugram. The real estate firm had told the court that it would monetise its unencumbered properties and assets to recover money that would be used for the process of refunding buyers and completion of projects.
Separately, the government filed a petition arguing that Unitech was a fit case for winding up, but considering the interest of thousands of homebuyers and small depositors, it wanted to take over the company’s management. The Supreme Court had ruled against that plea.
Unitech has over Rs 6,000 crore debt and over 16,000 undelivered units from a total of nearly 70 projects. Both Sanjay Chandra and his brother Ajay Chandra continue to remain in judicial custody.
The matter is now posted for Feb. 16.