Supreme Court Appoints Panel to auction Unitech’s Assets

On Monday, Supreme Court announces its decision to auction Unitech’s unencumbered properties, having over 800 acres of land, where construction was finished within two months.

In few days, the top court will appoint its registrar or a retired high court judge to monitor the process. The developer has assets which include total 130 acres in Varanasi, 88
acres in Agra, 220 acres in Telangana, and 400 acres in Tamil Nadu. On April 9, Chief Justice Dipak Misra has led the panel of three judges and ordered to issue a public notice to seek objections to the sale of assets to pay homebuyers back

when it comes to refund their money which is invested in its projects. Ajay Chandra and Sanjay Chandra, Unitech promoters, are already in jail for failing to meet their financial deadlines. In April last year, they were arrested when homebuyers filed complaints as they cheated against them when United couldn’t deliver the houses on their projects.

When the trial court couldn’t extend the interim bail for three months which was granted in April to them, they were under judicial custody. The Delhi High Court also refused to
extend their bail, which ended last year on August 10. The branch led by CJI has turned their pleas down consistently for either parole or conditional bail to let them to continue work on their projects which are yet to complete.

Unitech, which used to be among the top real estate players, has been having a hard time since the 2G verdict which led to cancel their licenses to offer telecom services. On Monday, the layer of the court announced it as a true case of failure of a business. The top court heard all the arguments of homebuyers and the company, represented by Pawanshree Aggarwal.

Well, it’s not the first time the court has auctioned the assets of a company. Earlier, it announced the auction of the properties of Sahara Group but only little progress has been seen in this process.

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