SC asks Unitech to refund Rs15 crore to buyers of apartments in Noida, Gurgaon
Supreme Court asked the company to deposit Rs5 crore in two weeks with the court registry, to begin with
New Delhi: The Supreme Court on Wednesday asked real estate developer Unitech Ltd to refund 15 crore to a group of buyers who bought apartments in its Noida and Gurgaon projects that have been delayed.
The company and buyers have agreed that ₹ 15 crore is roughly the principal amount the buyers had paid.
A bench headed by justice Dipak Misra asked the company to deposit 5 crore in two weeks in an account with the Supreme Court registry, to begin with.
On 16 August, the company had told the court that it did not have money to refund buyers in the two delayed projects.
The court was hearing a batch of pleas by the company against an order by National Consumer Dispute Redressal Commission (NCDRC) which had asked Unitech to refund the home buyers the money they paid, along with interest.
Unitech’s counsel said he feared that more and more home buyers might move court for refunds and the project could turn into a non-performing asset.
“We are relieved with the order passed by the Hon’ble Supreme Court since it has agreed to consider all issues on merit," counsel for Unitech said in response to Wednesday’s order.
The case will be heard next on 4 October.
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