SC directs real estate firm Unitech Ltd to despoit Rs 15 crore

New Delhi, Aug 17 (PTI) Embattled real estate firmUnitech Ltd was today directed by the Supreme Court to depositRs 15 crore principal amount by September-end to pay backinvestors who had bought flats in its Gurgaon project but notgot possession on time. "We feel pained," a bench of Justices Dipak Misra and U ULalit said while directing the firm to deposit Rs five crorewithin two weeks and Rs 10 crore in the apex court registry byend of next month to pay back the amount to 38 investors. "You tell us how will you pay? We will later considerwhether interest will be paid to them (investors)," the benchtold senior advocate Kapil Sibal who was representing Unitech. Responding to the query, Sibal said "We appreciate theconcern of customers. They can take alternative accomodation.We will pay the rent." The bench shot back saying, "Will they move from rentalto rental? Nothing is moving." Sibal told the court that there should be some solutionto the issue but the bench said, "you deposit the money. …You deposit Rs 15 crore first. Let them get the principalamount." "We direct the appellant (Unitech) to deposit Rs 15 crorein the registry of this court. They will deposit Rs five crorein two weeks and rest amount of Rs 10 crore will be depositedby end of September 2016," the bench said and listed thematter for further hearing on October 4. During the hearing, a number of investors were present inthe courtroom and advocate Brajesh Kumar who was representingsome of them told the bench that before the National ConsumerCommission, Unitech Ltd had assured that they would hand overthe possession of flats which was not cone. "Now, we want refund of the amount," he said about theUnitech Vista project in sector-70, Gurugram (earlier calledGurgaon). Another investor told the bench that they had paid moneyto the firm on time and the company was scheduled to hand overthe possession of flats in 2012 but till date, they have notgiven them the flats. (More) PTI ABA SJK RKSARC

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