Unitech’s properties on auction

Properties situated across 600 acres to be auctioned, orders SC. A one-man Committee headed by a retired High Court judge will formulate terms and conditions to sell. Committee is free to hire services of chartered accountants and valuers. The Supreme Court proceeded with the auction as expeditiously as possible in the interest of thousands of homebuyers awaiting their refund after Unitech failed to deliver them flats. The Bench also asked the one-man committee person, Justice Dhingra to formulate “suitable terms and conditions for auction” of properties held by the company in Uttar Pradesh and also the property in Tamil Nadu. Public notice with regard to 230 acres out of the total 600 acres of unencumbered properties submitted to the Court has been issued. The Bench also directed the judicial committee to notify auction of the remaining properties in newspapers. The bench expressed dissatisfaction over the affidavit filed by Unitech’s co-promoter Ajay Chandra for making vague disclosure of his personal assets and said the bench would deal with the same on the very next date.