According to sources the firm said it paid Rs 165 crore in installments and now seeks Rs 500 crore towards principal amount and interest, as the project did not take off due to land disputes. Meanwhile according to the petition filed by the company, the amount was deposited as it emerged as the successful bidder for developing design and constructing an integrated airport township and multi-services aerospace park.
Earlier Andhra Pradesh was bifurcated in 2014 and subsequently Telangana State Industrial Infrastructure Corporation (TSIIC) was formed. Meanwhile the senior counsel S Niranjan Reddy, appearing for Unitech, had earlier informed the court that there was a title dispute over the land's ownership entrusted to the company. Reddy told the court that the Supreme Court categorically held that the state does not possess title over the land.
Previously the apex court had on October 30
asked Sanjay Chandra, the head of the embattled real estate group, to deposit
Rs 750 crore with it by December-end to safeguard the interests of home buyers.
