JM Financial ‘interested’ in financing incomplete Unitech projects

JM Financial ‘interested’ in financing incomplete Unitech projects
06/03/2018 , by , in News/Views

Unitech, through its counsel, informed the Supreme Court on Monday that JM Financial Asset Reconstruction Company, a Mumbai-based securitisation and reconstruction company, is interested in financing its under-construction projects.

The apex court has asked the managing director of JM financial to be present in the next hearing which be held on March 12.

SC also stayed coercive actions by NCDRC against Pioneer, a co-developer of Unitech projects, subject to the payment.

Pioneer through its counsel had stated that in the collaboration agreement with Unitech they had a 40 per cent share while a number of execution orders have been passed by the NCDRC against them to pay up the complete amount, which is not fair.

Giving relief, the court directed the co-developer to deposit Rs 30 crore by March and Rs 10 crore by mid-April while staying the executive orders by NCDRC. The money deposited will be used for the completion of Nirvana Country project in Gurugram.

In the case related to e-auction of Unitech Golf and Country Club (UGCC) land, senior advocate Mukul Rohatgi, appearing for Unitech said that though they are not opposed to the auction, the land is under dispute with Noida authority, hence its side must also be heard.

Unitech owes Rs 3,000 crore to Noida authority, Rs 200 crore to LIC, among others. In the meantime, the court has directed Unitech to file a list of assets without encumbrances in India and outside by next hearing.

Homebuyers of Unitech Amber and Unitech Burgundy had filed an application on January 12 asking the court to e-auction UGCC land in Noida Sector 96, 97 and 98 to recover company’s liabilities.

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