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India's high court orders Unitech to present details of debt-free assets

As Unitech Ltd. continues to get embroiled in its legal woes, the diversified real estate developer was ordered by India's Supreme Court to submit a list of all its debt-free domestic and offshore assets, India's Mint reported.

The directive comes as the troubled developer told the court that it finalized an agreement worth 4.00 billion Indian rupees to sell two Chennai land parcels to Omshakthy Agencies (Madras) Pvt. Ltd., with proceeds from the sale to be used to finish uncompleted projects and to refund buyers. The high court has asked the buyer to make a 900 million-rupee deposit by March 31, with regards to the sale.

The March 6 report added that the court also asked the company's managing director or a JM Financial ARC Ltd. officer to attend the next March 12 court hearing after Unitech declared its intention to fund its housing development projects. It also gave a directive to Pioneer Urban Land and Infrastructure Ltd., Unitech's co-developer, to make a 400 million-rupee deposit by April 10 for its housing projects in Gurgaon, India.

Mint noted that 4,688 homebuyers who have reserved units in Unitech's various housing projects are requesting for a refund from the company, following the company's inability to deliver the developments on time.

As of March 5, US$1 was equivalent to 65.05 Indian rupees.