Authority: Supreme Court of India
Order Date: 27-05-2026
Case Overview
- Parties: Appellant Bhupinder Singh vs Respondent Unitech Ltd & others (multiple banks, ARCs).
- Civil Appeal No.10856/2016 concerning Unitech Ltd's severe financial distress.
- Unitech’s books show total outstanding liability of Rs 14,129.84 crore to 7 banks/financial institutions and 3 asset reconstruction companies: JM Financial ARC, Suraksha ARC, Edelweiss ARC, IDBI Bank, Canara Bank, LIC, SREI Equipment Finance Ltd, IL&FS, HDFC Ltd & HDFC Bank, Bank of Maharashtra, SICOM.
- Of the total, Rs 10,685.91 crore is interest/penal interest; loan disbursed Rs 5,117.15 crore, of which Rs 3,729.38 crore has been paid (including Rs 2,056.16 crore adjusted against interest).
- Claims submitted by lenders amount to Rs 15,004.95 crore, leaving a reconciliation gap of Rs 875.11 crore.
- Homebuyers are awaiting delivery of flats/plots; banks hold security over Unitech’s assets and demand repayment.
- The Court invited counsel to submit two‑page notes with suggestions for an effective and expeditious way forward; these were compiled in Annexures A‑1 and A‑2.
Final Outcome
- All counsel were directed to provide a two‑page suggestion note to Ms. Anubha Agrawal, who will compile a composite paper.
- An independent agency is to evaluate the suggestions; the Court appointed Price Waterhouse Coopers (PwC) for this task and authorised it to frame its own terms of reference.
- The expenses of the PwC engagement will be jointly incurred by the 11 listed entities (the three ARCs and eight banks/financial institutions) in proportions to be fixed by a separate order.
- The matter is listed for further directions on 30‑09‑2026 at 3.00 PM.
- A copy of the order is to be sent to the Secretary General of the Supreme Court for immediate action.
Topics: Unitech Debt, Banking Claims, Asset Monetisation