Noida housing project: SC orders Unitech to refund investor money for causing delay
The Supreme Court on Friday ordered the Unitech builders to pay up for delays and refund the money of the investors over delay in housing project in Noida
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.
Unitech tells SC it doesn't have money to refund buyers. Court seeks list of buyers who want refund, during next hearing scheduled on Aug 17
— ANI (@ANI_news) August 12, 2016
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 Newsworldindia.in 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.
It is bizarre that with the overturning of the Roe V Wade judgement, the US is left fumbling on an issue that India legislated on half-a-century ago
In India, the Right-wing in the Western sense does not exist. Those the Left and ‘liberals’ call Right are often a lot more liberal, not just in words, but in action
Ketanji Brown Jackson becomes the first Black woman to serve as a judge in the US Supreme Court. With this, she will be joining the esteemed club of Sandra Day O'Connor, Ruth Bader Ginsburg, Sonia Sotomayor, Elena Kagan and Amy Coney Barrett