Moneycontrol
Apr 06, 2016 10:47 PM IST | Source: CNBC-TV18

LIC likely to e-auction Unitech's mortgaged land: Srcs

Sources tell CNBC-TV18 that LIC may auction Unitech's 14 lakh square meter of land in Noida on May 6.

Life Insurance Corporation (LIC) is all ready to auction Unitech’s mortgaged asset to recover outstanding dues of Rs 184 crore, sources tell CNBC-TV18.

LIC will e-auction Unitech's 14 lakh square meter of land in Noida on May 6. The reserve price for the auction has been set at Rs 2,660 crore, sources say.

LIC has taken possession of the property as per the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFESI) Act.

CNBC-TV18’s Nayantara Rai, quoting sources, says that Unitech is likely to approach court to get a stay order against the e-auction. The company is also in talks with some investors to take over the loan, sources add.

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