JM Financial interested in financing incomplete Unitech projects

Unitech, the developer named in a cheating case by home buyers, informed the Supreme Court on Monday that JM Financial Asset Reconstruction Company is interested in financing its projects that are under construction.

The apex court asked the managing director of JM Financial ARC to be present at the next hearing scheduled on March 12.

The court stayed National Consumer Disputes Redressal Commission’s actions against Pioneer Urban Land & Infra, a co-developer of some Unitech projects. Pioneer stated it had a 40 per cent share in the collaboration with Unitech, while the NCDRC has passed orders against it to pay the complete amount, which is not fair.

Giving relief to Pioneer, the court directed it to deposit Rs 30 crore by March and Rs 10 crore by mid-April and stayed the orders by NCDRC. The money deposited will be used for completion of Nirvana Country project in Gurgaon.

On the auction of Unitech Golf & Country Club land, senior advocate Mukul Rohatgi, appearing for Unitech the land is under dispute with the Noida authority.