SC asks Unitech to furnish details of assets

The Supreme Court today asked embattled real estate company Unitech Limited to give details of its properties and that of its subsidiaries situated in India and abroad which are free from encumbrances.

A bench headed by Chief Justice Dipak Misra was told by the company that Mumbai-based firm J M Financial Ltd was interested in financing their under-construction projects.

"Let the matter be listed on March 12, 2018 on which date the Managing Director of J M Financial Limited, along with his competent officers, who will be able to answer the questions put by the Court, shall remain personally present before this Court," the bench, also comprising Justices A M Khanwilkar and D Y Chandrachud, said.
 

The top court also stayed coercive actions by the National Consumer Disputes Redressal Commission (NCDRC) against a co-developer of Unitech, subject to payment of Rs 40 crore before the registry of the apex court.

"We may clarify that the proceedings shall remain stayed where there is collaboration of the applicants (firm) with the Unitech Limited. The other proceedings against the applicants barring which is not covered by the collaboration agreement, shall continue," it said.

"In the meantime, the competent authority of the Unitech Limited shall file an affidavit mentioning the details of its properties and its subsidiaries, situated in India as well as outside, which are free from encumbrances. If the affidavit is not true, the proceedings shall be initiated under section 340 of the CrPC," the bench said.

The apex court had on October 30 last year said that Unitech Ltd Managing Director Sanjay Chandra, who is currently in jail, will be granted bail only after the real estate group deposited money with its registry by December-end.

The top court had earlier directed the jail authorities to facilitate Chandra's meeting with his company officials and lawyers so that he could arrange money to refund the home-buyers as well as for completing the ongoing housing projects.

Chandra is seeking interim bail from the apex court after the Delhi High Court on August 11 had rejected the plea in a criminal case lodged in 2015 by 158 home-buyers of Unitech projects' -- 'Wild Flower Country' and 'Anthea Project' -- situated in Gurugram.