Noida housing project: SC orders Unitech to refund investor money for causing delay

The Supreme Court on Friday ordered Unitech to refund investors' money due to the delay in the housing project in Noida, reported CNN News 18.

However, Unitech responding to the Court's orders, said that it does not have the money to refund buyers.

Noida housing project: SC orders Unitech to refund investor money for causing delay

Representational image. Reuters.

The apex court has also demanded a list of the buyers who want a refund, during the next hearing, scheduled on 17 August reported Zee News

As per the report, the SC had directed Unitech last month to deposit an amount of Rs 5 crore for failing to hand over apartments in Noida, which were originally scheduled to be given to the buyers three years ago.

At a protest held by the investors in Noida, CNN News 18 quoted one of the home buyers as saying that they did not want compensation, and that they wanted their homes that had been promised to them.

According to  on 2 July, the apex court had directed the firm to deposit Rs 5 crore by 5 August for delaying the completion of a residential project 'Burgundy' it had launched on the Noida-Greater Expressway.

In an appeal to the National Company Law Tribunal, Delhi Bench, the depositors have asked for payment of double the principal amount invested by each investor and an interest of 20 percent per annum for the delayed period till the final settlement, reported The Hindu BusinessLine.

The report further said that this appeal signed by 41 investors seeks maximum fine and imprisonment to the accountable officials of the company.

This is not the first time that Unitech has run into trouble. A Delhi court in January had sent Unitech Ltd Chairman Ramesh Chandra, MDs Sanjay & Ajay Chandra & Director Minoti Bahri to 14-day judicial custody in alleged cheating cases filed by two investors, reported ZeeBusiness.

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Updated Date: Aug 12, 2016 15:24:36 IST

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