March 13,2018:
SC Bench stated that,"We are given the impression that you will pay money to court so that home buyers can be refunded. But now you are saying you have taken over loans of Unitech. You (JM Finance ARC) unnecessarily diverted the issue".
On Monday, Supreme Court stated that it will auction unencumbered properties of the company so that home buyers can be refunded.
Apex Court has directed Unitech to submit a list of unencumbered properties for including personal assets of directors of the company. Unencumbered properties are those which are not liable to pay any debt or mortgage.
CJI Dipak Misra stated that, "You (Unitech) have cheated and deceived home buyers".
Unitech had submitted a list of its properties but said that it is incomplete.
The Supreme Court then directed Unitech to submit the complete list of its properties. It also said that it is likely to appoint an expert for this issue.
Supreme Court has levied a fine of Rs 25 lakh on JM Financial Asset Reconstruction Company Limited for diverting the case.
JM Financial Asset Reconstruction Company Limited had taken over the loans of Unitech and submitted that will help the real estate company complete the pending projects.
Apex Court has slated that next hearing is scheduled for March 26,2018.
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