Supreme Court Likely To Auction Unitech Properties: "You Cheated Buyers"

New Delhi: In further jolt to beleaguered real estate builder Unitech Limited, the Supreme Court said on Monday that it will auction unencumbered properties of the company so that home buyers can be refunded. The top court directed Unitech to submit a list of unencumbered properties for including personal assets of directors of the company. Unencumbered properties are those which are not liable to pay any debt or mortgage. "You (Unitech) have cheated and deceived home buyers," said Chief Justice of India Dipak Misra.

Unitech submitted a list of its properties but said that it is incomplete. The Supreme Court then directed Unitech to submit the complete list of its properties. It also said that it is likely to appoint an expert for this issue.

The Supreme Court also 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 will help the real estate company complete the pending projects.

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"We are given the impression that you will pay money to court so that home buyers 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.

The next hearing is scheduled for March 26.