Real estate firm Unitech plans to sell 6 land parcels to repay deposits

Gurugram-based real estate developer Unitech Ltd which has been reeling under severe debt is seeking to sell six unencumbered land parcels to repay the deposits, as per

The company in its annual report said that it is making best possible efforts to sell land parcels set aside for repayment of the deposits to comply with the orders passed by the National Company Law Board (NCLT) and National Company Law Appellate Tribunal (NCLAT) to repay all public deposits along with interest in the course of time.

Unitech’s Managing Directors Sanjay Chandra and Ajay Chandra are presently lodged in custody in a forgery case filed by homebuyers of a housing project in Gurugram.

The company has stated in its annual report that there were delays in the payment of income tax, service tax and provident fund.

It said in its annual report ‘cash-flows of the company have been adversely impacted and there were certain delays/defaults in timely repayment of dues (including interest) to banks and financial institutions in respect of term loans and non-convertible debentures. It is submitted that the company endeavours to streamline its future operations and discharge the said liabilities in time’.

Unitech’s dispute with Life Insurance Coporation of India is pending before the Debt Recovery Tribunal for final adjudication.

Unitech has a debt of Rs 6,733 crore and also owes Rs 7,800 crore to 16,300 home buyers across 61 projects.

The company reported revenue of Rs 402.77 crore for Q1FY17 against Rs 487.87 crore in the same quarter last year. While the net loss reduced to Rs 38.39 crore from Rs 44.82 crore last year.

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