The move comes amid turmoil in India’s real estate sector after a prolonged slowdown. Last month, the government amended the insolvency and bankruptcy code to include home buyers as a class of creditors to real estate firms. Unitech, once the country’s second largest real estate firm after DLF Ltd, owes a total of over Rs7,800 crore to 16,300 home buyers in 61 projects, according to data collated by Mint. However, Supreme Court is already hearing pleas against Unitech’s default in handing over several residential projects in Delhi-NCR, and NCLT is subordinate to Supreme Court. On October 30, the Supreme Court directed Unitech to deposit Rs 750 crore by December to secure bail for Sanjay Chandra.

Source: Hindustan Times December 08, 2017 07:29 UTC