NEW DELHI: With sale of Unitech’s Bengaluru land fetching Rs 42 crore to take its deposit in the Supreme Court to Rs 123 crore, the court on Friday ordered pro-rata disbursement of the amount among
homebuyers who had opted for
refund from the beleaguered realtor.
A bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud had promised in September last year that homebuyers’ interest would be fully protected.
Unitech had failed to meet earlier deadlines for depositing money, leading the court to order auction its land.
After amicus curiae Pawan Shree Agrawal informed the court that the buyers of the Bengaluru land had handed over Rs 42.73 crore to him, Unitech’s counsel Ranjit Kumar and Gaurav Bhatia requested the court that it was time company MD
Sanjay Chandra and his brother, both in jail since August 9 last year, were released at least on custodial parole as the total deposit had touched Rs 123 crore.
The SC asked the amicus curiae, who had set up a portal for homebuyers to register if they opted for refund, to start pro-rata disbursement of Rs 123 crore among those who had registered and also those who had got decrees from the
National Consumer Disputes Redressal Commission (NCDRC) against Unitech. Agrawal informed the court that the money would enable homebuyers to get back 15% of their principal amount invested in housing projects.
Another realtor, Wisdom World Developers, represented by senior advocate Shyam Divan, deposited Rs 15 crore to show its seriousness in taking up housing projects left unfinished by Unitech in Noida’s Section 96, 97 and 98 (Unitech Amber, Burgundy and Willows). The court was told that Unitech had liabilities towards Noida authority and LIC. The SC issued notices to Noida authority and LIC.
Senior advocate Ranjit Kumar said if Rs 21 crore was given to Wisdom World Developers from the amount deposited in court, it could help finish 500 flats and deliver it to homebuyers. The SC kept aside Rs 15 crore deposited by Wisdom World and asked its the court-appointed committee to examine the claim and submit a report.
Kumar said with the SC-appointed committee going ahead with auction of large tracts of Unitech land in Agra, Varanasi and Sriperumbudur, expected to fetch around Rs 600 crore, there was no reason for the Chandra brothers to continue to be in jail. The bench said it would consider grant of interim bail or custodial parole to the Chandras only after things got streamlined.
