SC Orders Construction Of 514 Unitech Flats From Auctioned Property Funds

Published on 12 Sep 2018 by Shivi

To the relief of aggrieved home buyers of Unitech, the Supreme Court Tuesday directed the realty firm to construct 514 flats in its five projects out of the funds generated from auctioning off its Kolkata property.

A bench of Chief Justice Dipak Misra and Justice A M Khanwilkar and D Y Chandrachud was informed that the Group's property in Kolkata was auctioned under the supervision of the committee headed by Justice S N Dhingra, former judge of the Delhi High Court.

The property was auctioned at Rs 116.95 crores and so far around Rs. 28.89 crores have been received.

The apex court directed that the demand draft of the amount be deposited before the Registry of the Court. The Registry, in turn, would deposit it in a short-term fixed deposit at the UCO Bank situated in the Supreme Court Compound.

READ: Treatment Of Homebuyers Under Insolvency And Bankruptcy Code

Advocate Pawanshree Agarwal, appointed as amicus curiae by the court to assist it in the matter, said that the balance amount will be deposited within a week, as assured by the auction purchaser.

Agarwal drew the attention of the court to its order of July 27, by which it was said that 514 flats can be constructed by keeping a certain amount for them and delivered to the home buyers.

The expert committee has demarcated five projects of Unitech which include Vista at Gurgaon, Unihomes at Mohali, Horizon at Greater Noida, Verve at Greater Noida and Unihomes 117 at Noida for which flats will be constructed.

The bench said that Rs 21 crore should be transferred by the Registry of the apex court to a Unitech Escrow account opened by the Chairman of the Committee who is a signatory.

"The allocation of funds and construction in the projects should be monitored by Justice S N Dhingra Committee," it said, adding that the construction should be made strictly within the timeline agreed to and mentioned by the Unitech before the Committee with regard to projects.

The court said Justice Dhingra will oversee the allocation of funds and construction carried out by Unitech on the instruction of the committee.

The bench posted the matter for further hearing on September 19.

SOURCE


Related News Posts

Browse through other related News posts here


Top Legal Queries

Get answers from the best experts within minutes!

Most Consulted Advocates

Choose from our most consulted lawyers across India and get instant legal advice.

Top Consulted Advocates

Choose from our most consulted lawyers across India and get instant legal advice.


© Legistify Services Pvt. Ltd.

Home|About|Contact

function gtag() {dataLayer.push(arguments)}