SC to auction Unitech’s unencumbered assets to repay homebuyers



   The Supreme Court on Monday ordered Unitech to furnish the complete list of its unencumbered assets by March 26 and said it would auction them to raise Rs 2,000 crore needed to refund homebuyers who have invested in the distressed realtor’s housing projects.

   Appearing for Unitech, senior advocate Ranjit Kumar attempted to hand over an incomplete list of unencumbered assets to a bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud, but the bench asked for the complete list.

   Kumar said the company’s chartered accountants were working to prepare the complete list. The court directed it to be submitted by March 26 with a copy to amicus curiae Pawanshree Agrawal to verify the same against the list given by homebuyers. The SC also directed Unitech not to encumber any of its unencumbered assets in the meantime.

   A financier, who had taken over Unitech’s loan of Rs 900 crore from HDFC Bank, came in the SC’s crosshairs for attempting to divert the court’s attention from arranging funds for expeditious payment to homebuyers. It asked the managing director of the finance company, who was present in court, to pay a fine of Rs 25 lakh.

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source: The Times of India

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