Deposit interest or property may by attached: SC warns Unitech

Deposit interest or property may by attached: SC warns Unitech
Deposit interest or property may by attached: SC warns Unitech

The Supreme Court today directed real estate firm Unitech to deposit 14 per cent interest on Rs 16.55 crore invested by 39 home buyers at its project in Gurugram by May 8.

The apex court also warned that failure to meet the deadline could invite attaching the realtor’s property.

It refused to grant more time to Unitech Residential Resorts Ltd, which has delayed handing over of flats to these home buyers.

“Let these matters be listed on May 8 by which time the amount(s) as directed on earlier occasions shall be deposited, failing which this court may think of attaching the property of the appellant company,” a bench of Justices Dipak Misra and A M Khanwilkar said.

When the counsel appearing for the company requested the court to extend the time for depositing the money, the bench categorically said, “let the money come”.

Advocate Brajesh Kumar, representing 20 of the 39 home buyers, opposed the submission of the firm and said they should be asked the deposit the money soon.

The 39 home buyers had booked flats in Unitech’s Vista housing project in Gurugram. They had sought a refund of their principal amount, totalling Rs 16.55 crore with interest, after the developer, which had promised to give the possession by 2012, delayed it.

The apex court on February 20 had directed the developer to deposit 14 per cent interest on Rs 16.55 crore invested by these home buyers and had said that the interest would be calculated from January 1, 2010.

It had asked the real estate major to deposit the amount with the apex court registry.

The bench had directed the registry to disburse 90 per cent of this amount to home buyers on pro rata basis, as was done while giving refund of the principal amount.

However, it had said that issue of compensation will be deliberated upon later.

The court on January 12 had directed that Rs two crore deposited by Unitech with its registry as principal amount, be distributed among 39 home buyers.

The apex court had on August 17 last year directed the embattled real estate firm to deposit Rs 15 crore principal amount by September-end to pay back investors and home buyers who were not given possession of the flats on time.

The investors had told the court that they had paid money to the firm on time and the company was scheduled to hand over possession of the flats in 2012 but had not till date.

Over two dozen home buyers of Unitech’s housing projects in Noida and Gurugram had approached the National Consumer Disputes Redressal Commission (NCDRC) after the builder failed to give them possession of the flats as the per schedule.

The consumer forum had asked Unitech to refund the money to the home buyers with interest.

( Source – PTI )

Deposit 14% interest on 39 home buyers’ money: SC to Unitech

Deposit 14% interest on 39 home buyers' money: SC to Unitech
Deposit 14% interest on 39 home buyers’ money: SC to Unitech

Slapping a penalty on Unitech Resorts for delaying handing over of flats, the Supreme Court today directed it to deposit 14 per cent interest on Rs 16.55 crore invested by 39 home buyers with it.

The 39 home buyers, who moved the court, had booked flats in Unitech’s Vista housing project in Gurugram. They had sought a refund of their principal amount, totalling Rs 16.55 crore with interest, after the developer, which had promised to give the possession by 2012, delayed it.

A bench headed by Justice Dipak Misra said the interest will be calculated by the developer from January 1, 2010 and asked the real estate major to deposit the amount with the apex court registry within eight weeks.

The bench, also comprising Justices A M Khanwilkar and M M Shantanagoudar, directed the registry to disburse 90 per cent of this amount to home buyers on pro rata basis, as was done while giving refund of the principal amount.

While asking the developer to quantify the interest to be paid to each of the 39 home buyers, the bench said the issue of compensation will be deliberated at the next hearing.

During the hearing, senior advocate P Chidambaram, appearing for Unitech Resorts Pvt Ltd, said the company had deposited Rs 17 crore as directed by the apex court, which was refunded to them by apex court registry.

He said that giving back the principal amount was equal to giving possession of the flats. However, there was a market slowdown.

The bench, however, said it would deliberate on the issue of compensation and interest on next date of hearing and listed the matter for final hearing on April 3.

On January 12, the apex court had directed that Rs 2 crore deposited by Unitech with its registry as principal amount, be distributed among 39 home buyers.

( Source – PTI )

Unitech to refund Rs 3.33 crore to homebuyer

Unitech to refund Rs 3.33 crore to homebuyer
Unitech to refund Rs 3.33 crore to homebuyer

The apex consumer commission has directed real-estate major Unitech Hi-Tech Developers Ltd to pay over Rs three crore to a couple for failing to give them possession of an apartment booked under one of its housing projects at Noida in 2010.

The National Consumer Disputes Redressal Commission (NCDRC) asked the firm to refund the payment of Rs 3.33 crore made by the complainants while purchasing the flat and compensate them in the form of interest at 10 per cent per annum with effect from 2012.

The commission, while deciding the complaint, rejected the claim of Unitech group of companies that the delay in handing over the flats to the buyers was on account of agitation by farmers and shortage of labour.

According to the complaint, the couple had booked a residential flat in project Burgundy, developed by Unitech in Sector 96-98 in Noida and were allotted the apartment on Level 6 in Tower-1 on August 27, 2010 for a total consideration of Rs 3.39 crore, out of which the complainants had already paid Rs 3.33 crore to the firm.

“As regards the alleged shortage of labour, no material has been placed on record to show that it (Unitech) could not get adequate work force to complete the construction of the flats despite efforts having been made in this regard,” the NCDRC said.

Regarding the claim of delay due to farmers agitation, the commission said, “…there is no evidence of the work at this particular site having been halted by farmers. No affidavit of the contractor engaged by the opposite party for construction of the flats in this project has been filed to prove that he had to halt the work on account of agitation by farmers.

( Source – PTI )

Unitech top bosses face tough questions from court

Unitech top bosses face tough questions from court
Unitech top bosses face tough questions from court

Real estate major Unitechs top bosses today faced tough questions from a Delhi court, which also asked them by when they would settle the pending dues of “hundreds” of other investors.

The court also pulled up the groups chairman Ramesh Chandra, Managing Directors Sanjay Chandra and Ajay Chandra and Director Minoti Bahri for not fulfilling the assurance given to the investors.

“You gave assurances and then ran away. You dont act till the time a situation of sending you to jail arises. What about the money of hundreds of others (investors)? When will that be settled,” Additional Sessions Judge Vimal Kumar Yadav asked.

The courts remarks came when the top officials, who appeared before it on expiry of three-day interim bail in a cheating case, told the court that they have settled the issue with complainants who wished to withdraw the complaint.

The judge then asked the officials and the complainants to move proper application in this regard before the concerned magisterial court.

The application was then filed before Additional Chief Metropolitan Magistrate Gaurav Rao who allowed the two investors, Sanjay Kalra and Devesh Wadhwa, to withdraw their complaint of alleged cheating after they informed that their dues have been cleared by the company.

The groups top bosses were sent to 14-day judicial custody in the case on January 11 by the trial court, but they succeeded in getting three-day interim bail on the same day from the sessions court after giving an undertaking that they will settle all pending dues to the complainants.

Despite managing to get the interim bail, the officials had to spend a night in Tihar Jail after they failed to get the release warrant from the court on time.

The complainants had claimed to have booked a property in Habitat Apartments in Greater Noida developed by Unitech Ltd but were not given possession.

Despite the courts earlier order, Unitech has not refunded them the complete payment, they had alleged.

The company officials had said that due to financial constraints and circumstances beyond their control, they were not able to make the payment to the complainants.

Unitech top bosses get interim bail in cheating case

Unitech top bosses get interim bail in cheating case
Unitech top bosses get interim bail in cheating case

Hours after top Unitech officials were sent to 14-day judicial custody on Monday, they succeeded in securing interim bail from a Delhi court in alleged cases of cheating filed by two investors.

Additional Sessions Judge Vimal Kumar Yadav granted three days’ interim bail to Unitech Ltd Chairman Ramesh Chandra, Managing Directors Sanjay Chandra and Ajay Chandra and Director Minoti Bahri after they gave an undertaking that they will honour the order of a State Consumer Forum and settle all the pending dues to the complainants.

The relief came after they moved the District Judge against the order of the Additional Chief Metropolitan Magistrate Gaurav Rao who had refused themr bail and ordered their judicial custody for 14 days.

The district judge had marked the case to Additional Sessions Judge Vimal Kumar Yadav who at the fag end of the day granted them the relief.

The complainants – chartered accountant Sanjay Kalra and his business partner Devesh Wadhwa – also did not oppose the interim bail application after which the court enlarged all the four accused officials on a personal bond of Rs one lakh each and a surety of the like amount.

Earlier in the day, the top bosses of the company had appeared before a magisterial court in pursuance to the non-bailable warrants issued against them and had sought relief, saying that due to financial constraints and circumstances beyond their control, they were not able to make the payment to the complainant.

Immediately after their bail pleas were dismissed, the accused officials, through their counsel Vijay Aggarwal, approached the District Judge for relief.

The complainants had claimed to have booked a property in Habitat Apartments in Greater Noida developed by Unitech Ltd but were not given possession.

Despite the court’s earlier order, Unitech has not refunded them the complete payment, they claimed in the complaint.

( Source – PTI )