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 Gurugram 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. 5 crore within two weeks and Rs. 10 crore in the apex court registry by the 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.”

Mr. Sibal told the Supreme Court that there should be some solution to the issue. However, the Bench said, “You deposit Rs. 15 crore first.”

During the hearing, a number of investors were present in the courtroom and advocate Brajesh Kumar, who was representing some of them, told the Bench that before the National Consumer Commission, Unitech Ltd had assured that they would hand over the possession of flats which was not done.

“Now, we want refund of the amount,” he said about the Unitech Vista project in Sector-70, Gurugram.

Another investor told the Bench that they had paid money to the firm on time and the company was scheduled to hand over the possession of flats in 2012 but till date, they had not given them the flats.

[Source: The hindu]