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Home / Politics / Policy /  SC asks Unitech to submit details of unencumbered assets in India, abroad

New Delhi: The Supreme Court on Monday asked realtor Unitech Ltd to submit an affidavit giving details of all its unencumbered properties in India and abroad.

A bench headed by chief justice Dipak Misra also asked the managing director or a competent officer of JM Financial ARC Ltd to be personally present in court on Monday after Unitech claimed that the company was willing to finance its housing projects.

Unitech’s co-developer Pioneer Urban Land and Infrastructure Ltd was also asked to deposit a total of Rs40 crore in two instalments (Rs30 crore plus Rs10 crore) by 10 April for development of its Gurgaon-based housing projects.

On 29 January, Unitech had informed the court that it had finalized a Rs400 crore deal for the sale of two land parcels in Chennai that would enable it to complete unfinished projects and refund buyers.

In this regard, Omshakthy Agencies (Madras) Pvt. Ltd has been asked to deposit Rs90 crore for the sale of land in Chennai by 31 March.

Unitech had told the court in October that it would like to monetize its unencumbered properties and other assets to recover money that would be used for the process of refunding buyers and completing projects that are stuck.

A total of 4,688 homebuyers are claiming a refund of Rs1,865 crore from Unitech. They have booked units in various projects undertaken by the company.

The case will be heard next on 12 March.

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