Auction of Unitech’s 600 acres soon for payback

The Supreme Court on Monday set the ball rolling for the auction of Unitech’s unencumbered properties by forming a one-man Committee headed by a retired High Court judge that will formulate terms and conditions to sell properties situated across 600 acres.

The SC Bench headed by Chief Justice Dipak Misra named former Delhi High Court judge, Justice (Retd) SN Dhingra to proceed with the auction as expeditiously as possible in the interest of thousands of homebuyers awaiting their refund after Unitech failed to deliver them flats.

The Bench, also comprising of Justices AM Khanwilkar and DY Chandrachud asked Justice Dhingra Committee to formulate “suitable terms and conditions for auction” of properties held by the company in Uttar Pradesh (Agra and Varanasi) and about property across 400 acres of land in Tamil Nadu.

Already, public notice with regard to 230 acres out of the total 600 acres of unencumbered properties submitted to the Court has been issued. The Bench directed the judicial committee to notify auction of the remaining properties (other than 230 acres) on as-is-where is basis in the newspapers.

The Bench also directed amicus curiae Pawanshree Agarwal and counsel for Unitech Abhinav Agarwal to be part of the Committee to aid its smooth functioning. In addition, the Committee will be free to hire services of chartered accountants and valuers.

The cost of the work to be performed by the Committee will be borne out of the accrued interest generated from the amount deposited by Unitech with the Court,

The Bench directed that the auction shall be subject to confirmation by the apex court. The Bench posted the hearing for July 5.

It expressed dissatisfaction over the affidavit filed by Unitech’s co-promoter Ajay Chandra for making vague disclosure of his personal assets and said it would deal with the same on the next date.