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Submit details of all the unencumbered assets in India and abroad: Supreme Court to Unitech Ltd.

Dated: June 20, 2018

The Supreme Court has directed realtor Unitech Ltd. to submit an Affidavit giving details of all its unencumbered properties in India and abroad. The court has made it very clear that the company might face severe consequences for making any false declaration in the said affidavit.

A bench headed by Chief Justice Dipak Misra also asked the Managing Director or a competent officer of JM Financial Ltd. to be personally present in court on Monday after Unitech claimed that the company was willing to finance its housing projects. Further, Unitech’s co-developer Pioneer Urban Land and Infrastructure Ltd. was also asked to deposit a total of Rs. 40 crore in two installments for the development of its Gurgaon based housing projects. It must be observed that there was a co-developer, Pioneer, which had made a statement that there was a development agreement between Unitech and Pioneer for a Gurgaon project as per which its liability was limited to only 40 percent whereas Unitech’s liability was 60%. As per the orders of the National Consumer Disputes Redressal Commission (NCDRC), the co-developer was asked to discharge its 100 percent liability.

It must be noted that on 29 January, the court was informed by Unitech that it had just finalized a deal of 400 crores for the sale of two land parcels in Chennai and the same would enable it to complete unfinished projects and refund its buyers. In this regards, Omshakthy Agencies (Madras) Pvt. Ltd has already been asked to deposit Rs. 90 crore for the sale of land in Chennai by 31 March.

A total of around 4688 homebuyers claim a refund of Rs. 1865 crore from Unitech. The NCLT has already dismissed the board of Unitech while hearing the central government’s plea to take control of the real estate company.