Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / News/  SC asks Unitech to refund Rs15 crore to buyers of apartments in Noida, Gurgaon
BackBack

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

The Supreme Court listed the matter for further hearing on 4 October. Photo: MintPremium
The Supreme Court listed the matter for further hearing on 4 October. Photo: Mint

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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 17 Aug 2016, 05:21 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie