New Delhi: Supreme court on Wednesday directed NS Noida Authority And Unitech Group To search for “Practical” Solution Feather amount due The payment is to be made by the company to the authority which has demanded more than Rs.8000 crore. The new management appointed by the center of the company, however, argued that the amount was “completely disregarded” of the agreement.
A bench of Justices DY Chandrachud and MR Shah said both the sides should be flexible in their stand as it was necessary to revive the real estate company to protect the interest of 15,000 home buyers who had invested their money a decade ago. But still waiting to get possession.
Terming as unreasonable the demand of Rs 8,063 crore by Noida and Greater Noida authorities by adding penalty and interest, the Board of Directors of Unitech urged the Supreme Court to waive those components and direct the authorities to demand only the principal amount. The bench said that if the authority insists on payment of the amount sought by it, it will not be possible to revive the Unitech projects and nobody, including the authority, will get anything.
“We are not saying that you will not be paid anything. We are not going to accept the argument that no payment is to be made to you. You are a public body and you also need money. Hence the dues. Give a realistic estimate of the amount,” the bench told the authority. Advocate Ravindra Kumar, appearing for the authority, targeted the new management and told the bench that the resolution plan has been prepared behind its back. It told the bench that the authority made several calls to the head of the board of directors, but he did not respond. The bench suggested that they forget the past and sit together and find a way out so that the interests of the officials as well as the home buyers are protected.
Unitech, in its application, said that it was allotted land by competitive bidding in sectors 96, 97 and 98 in 2006 and sectors 113 and 117 in 2008, but the Noida authority is still unable to give full and complete rights to the allotted land. . It said, “The major part of the leased land was going between Noida and the landlords for more than four years, making the project land unusable. Noida has put the burden of increased compensation on Unitech. Noida is also charging interest without Aadhaar and penal interest.
A bench of Justices DY Chandrachud and MR Shah said both the sides should be flexible in their stand as it was necessary to revive the real estate company to protect the interest of 15,000 home buyers who had invested their money a decade ago. But still waiting to get possession.
Terming as unreasonable the demand of Rs 8,063 crore by Noida and Greater Noida authorities by adding penalty and interest, the Board of Directors of Unitech urged the Supreme Court to waive those components and direct the authorities to demand only the principal amount. The bench said that if the authority insists on payment of the amount sought by it, it will not be possible to revive the Unitech projects and nobody, including the authority, will get anything.
“We are not saying that you will not be paid anything. We are not going to accept the argument that no payment is to be made to you. You are a public body and you also need money. Hence the dues. Give a realistic estimate of the amount,” the bench told the authority. Advocate Ravindra Kumar, appearing for the authority, targeted the new management and told the bench that the resolution plan has been prepared behind its back. It told the bench that the authority made several calls to the head of the board of directors, but he did not respond. The bench suggested that they forget the past and sit together and find a way out so that the interests of the officials as well as the home buyers are protected.
Unitech, in its application, said that it was allotted land by competitive bidding in sectors 96, 97 and 98 in 2006 and sectors 113 and 117 in 2008, but the Noida authority is still unable to give full and complete rights to the allotted land. . It said, “The major part of the leased land was going between Noida and the landlords for more than four years, making the project land unusable. Noida has put the burden of increased compensation on Unitech. Noida is also charging interest without Aadhaar and penal interest.
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