Unitech issue: Supreme Court asks Chennai company to deposit Rs 90 cr

5 Dariya News

New Delhi 16-Feb-2018

The Supreme Court on Friday asked Chennai-based Omshakthy Agencies (Madras) to deposit Rs 90 crore - a part of Rs 400 crore deal - it has entered into with crisis- ridden real estate major Unitech for the purchase of its property.Asking Omshakthy Agencies' Managing Director Ramachandran to deposit the money before the top court, the bench of Chief Justice Dipak Misra and Justice A.M. Khanwilkar said failure to do so would make him liable for the contempt of top court.Ramachandran was present in the court in pursuance to its January 29 order when the court was informed that the directors of Unitech have negotiated with Omshakthy Agencies in respect of the property, the value of which is approximately Rs 400 crore.The court had asked the "competent authority" of Omshakthy Agencies to appear before it if it was "desirous of purchasing the property on the value indicated ..., it can bring a demand draft in the name of 'The Registrar, Supreme Court of India', so that further directions can be issued."

Meanwhile, senior counsel Ranjit Kumar, appearing for Unitech, sought a week's time to take instruction on a plea by a batch of home buyers in Unitech Amber project seeking attachment and e-auction of Unitech's UGCC land located at NOIDA sectors 96, 97 and 98.Appearing for the applicants, senior counsel M.L.Lahoty told the court that an internationally reputed valuer has said that of the 347 acres of land on which proposed Unitech Golf And Country Club will come up, only 69 acres is needed for its three projects - Unitech Amber; Unitech Burgundy; and Unitech Willows.He told the court that if rest of the land is put to auction by e-auction, it will fetch enough money to take care of Rs 3,000 crore to be paid to Noida, Rs 200 crore to LIC and leave a surplus of Rs 1,000 crore.Lahoty told the court that there are persons who are interested to take possession of their flats in those projects.Amicus curiae Pawanshree Agrawal told the court that if there are flat buyers who are now interested in taking possession of the flats, he would remove their names from the list of those seeking refund and put them in the other category.The court fixed March 5 as next date of hearing.