• Supreme Court: "Unitech has cheated and deceived home buyers"

    March 12, 2018

    Unitech Ltd.

    The estate builder Unitech Limited has been stunned once again by the Supreme Court by stating that it will auction cleared properties of the company so that the homebuyers can be refunded. The Apex court further directed Unitech to submit a list of all the clear properties for including personal assets of Directors of the company. Clear (unencumbered) properties are those which are not liable to pay any debt or mortgage.

    The Chief Justice of India Dipak Misra told "you have cheated and deceived homebuyers" and therefore such a list is required for execution of the auction.

    Earlier, Unitech had submitted a list of its properties but said it was incomplete. The Supreme Court then directed Unitech to submit the complete list of its properties. It also said that it will appoint an expert on this issue.

    The Supreme Court further levied a fine of Rs. 25 lakh on JM Financial Asset Reconstruction Company Limited for diverting the case. JM Financial Asset Reconstruction Company Limited had taken over the loans of Unitech and said that it will help the real estate company in completing the pending projects.

    "We are given the impression that you will pay money to court so that homebuyers can be refunded. But now you are saying you have taken over loans of Unitech. You (JM Finance ARC) unnecessarily diverted the issue," said the Supreme Court. JM Financial Asset Reconstruction Company Limited, however, pleaded with the court not to impose fine as it said that it was helping Unitech complete the projects as a lender.

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