Embattled real estate firm Unitech Ltd. was on Wednesday directed by the Supreme Court to deposit Rs.15 crore principal amount by September-end to pay back investors who had bought flats in its Gurgaon project, but not got possession on time.
“We feel pained,” a Bench of Justices Dipak Misra and U.U. Lalit said while directing the firm to deposit Rs.5crore within two weeks and Rs.10 crore in the apex court registry by end of next month to pay back the amount to 38 investors.
“You tell us how will you pay? We will later consider whether interest will be paid to them (investors),” the Bench told senior advocate Kapil Sibal who was representing Unitech.
Responding to the query, Mr. Sibal said, “We appreciate the concern of customers. They can take alternative accommodation. We will pay the rent.”
The Bench shot back saying, “Will they move from rental to rental? Nothing is moving.”
“You deposit the money... You deposit Rs.15 crore first. Let them get the principal amount,” the Bench said. “They (Unitech) will deposit Rs.5 crore in two weeks and the rest amount of Rs.10 crore by end of September 2016,” the Bench said and listed the matter for further hearing on October 4.
More than two dozen home buyers of Unitech’s housing projects in Noida and Gurgaon had approached the National Consumer Disputes Redressal Commission after the builder had failed to give them the possession of flats. The consumer forum asked the firm to refund the money to the home buyers with interest.
The apex court had last month asked Unitech to deposit an interim penalty of Rs.5 crore with the court registry after the firm challenged the consumer forum order. — PTI
