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India's Supreme Court allows auction for 6B rupees of Unitech properties

The Supreme Court of India gave its approval to auction off three Unitech Ltd. properties in the country to help cover a portion of the embattled developer's 18.65 billion rupees of reimbursement responsibilities, Mint (New Delhi) reported.

A committee comprised of three Supreme Court judges will handle the mandated sale of the roughly 6.00 billion rupees worth of assets in Agra, Varanasi and Sriperumbudur. Proceeds from the process, the publication noted, will be used to cover refunds demanded by a total of 4,688 homebuyers.

During the latest hearing, it was also revealed the company owes an additional 9.55 billion rupees to the Central Board of Direct Taxes, according to the paper.

The real estate company had been warned in May regarding the potential sale of its properties. Its subsidiaries were also ordered to submit a list of their properties, as well as their directors' personal assets as the hearing continues for the company's failure in 2017 to deliver residential projects across the country on time.

Unitech's case will be heard again in court July 16, the July 5 report added.

As of July 5, US$1 was equivalent to 68.87 rupees.