38.6c New Delhi, India, Friday, December 02, 2022
Top Stories
Interviews Know The Law Book Reviews Videos
About Us Contact Us
Business

Supreme Court Orders Auction Of Unitech Directors’s Assets.

By Editor : Shreya Bansal      Aug 22, 2018      0 Comments      1,376 Views
	 Supreme Court Orders Auction Of Unitech Directors’s Assets.

In a strong signal to defaulting real estate firms on Tuesday, August 21st, 2018, the Supreme Court of India has ordered a court-mandated committee to initiate an auction of personal assets of directors of real estate giant Unitech Limited.

Mr. Sanjay Chandra – the Managing Director of Unitech and his brother Ajay Chandra were jailed nearly a year ago for cheating the homebuyers.

Earlier, the court had asked Unitech to deposit Rs. 750 crore by December 31st, 2017, but as they failed to do so, the Bench comprising of Chief Justice of India Dipak Misra, Justice A M Khanwilkar and Justice D Y Chandrachud ordered the appointed committee to auction unencumbered personal assets of Unitech directors.

This is the first time that the apex court has ordered auction of the personal assets of directors of a defaulting firm. However, Unitech sources said that this will be very hard for the directors as they are paid employees. "If their personal assets are sold, then that will cause a great loss and hardship to them and their families," they said.

Court has permitted auction of two plots of Unitech in Kolkata which would cover Rs. 116 crore. When the leaseholder of one of the plots showed interest in participating in the auction and said it was willing to purchase both plots, the SC asked for a deposit of Rs. 50 lakh in the court registry to establish bona fide.



Tags:
Unitech in Kolkata
Share this article:


Editor : Shreya Bansal
Editor
     



Leave a feedback about this




Related Posts
View All

TRENDING NEWS


TOP STORIES

Legal Insiders
Law college professor ends life by suicide
25 days ago

ADVERTISEMENT


Lawstreet Advertisement

Signup for Our Newsletter

Get Exclusive access to members only content by email