#RealtyNewsRoundUp: SC Orders Sale Of Unitech Directors’ Assets To Refund Homebuyers

The Supreme Court (SC) on August 21 directed a court-mandated panel to go ahead with auction of personal assets of distressed real estate company Unitech. This is the first time the court has ordered auction of personal assets of a distressed company’s bosses. The SC order came after it was informed that the bid to sell Unitech’s Agra property did not get any response.

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Jaypee Infratech, the beleaguered real estate major facing bankruptcy, has asked buyers to select an authorised representative from the three names proposed by Insolvency Resolution Professional (IRP) Anuj Jain. The authorised representative (AR) will stand in for homebuyers in the meeting of Committee of Creditors (CoC) , which will decide on the resolution of the insolvency and bankruptcy. The homebuyers will have to select one of the three proposed candidates through online voting.

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On August 21, the SC asked the company to give details of all company directors, who have served it since 2008 by September 4, and said their personal assets would be first auctioned to compensate buyers since assets owned by Amrapali may be encumbered.

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The Airports Authority of India (AAI) has started work on a patch of land provided by the district administration for the construction of a domestic terminal at the Hindon air base in Ghaziabad. The AAI had in April this year floated tenders for building civic infrastructure at the air base. Of the 34,905 square metre (sqm) of land required for developing terminal, roads and other amenities, the AAI will need 22,050 sqm for developing the terminal while the remaining land will be used for developing approach roads and other amenities.

Source: Media reports