noida in a relief to unitech the noida authority has asked life insurance corporation to stop an eauction of a 348acre plot allotted to the company in 2006 which the realty major mortgaged to the public sector insurer without permissionthe authority claims it has no record of any permission sought or granted for mortgaging the land to lic and that it has the first charge on it which is specified in the lease deedthe authority has also accused unitech of defaulting on payments for the land allotted under the express city group housing scheme in sectors 96 97 and 98 and issued a showcause notice to the company on dues of nearly rs 2500 crorelic had scheduled the eauction for may 6 to collect dues of rs 184 crore that unitech owes it the notice for public sale of immovable property mortgaged to the corporation under the securitisation and reconstruction of financial assets and enforcement of security interest sarfaesi act 2002 was issued by lic on april 5a unitech spokesperson said the company would repay the outstanding amount soonone of the biggest names in the real estate industry unitech has been going through a long spell of financial stress homebuyers in various unitech projects in gurgaon have repeatedly protested over delays in handover of projects earlier this week haryana cm manohar lal khattar ordered a committee to look into the firms assets and liabilitiesnoidas additional ceo p k agarwal said the lease deed of the land was executed in december 2006 and possession handed over the same month unitech paid us rs 48374 crore and the remaining amount of rs 113910 crore was to be paid in 10 equal half yearly instalments with an annual interest of 11 per yearthe last instalment was due on may 30 2011 but the real estate company allegedly failed to meet its commitment we then offered the company a rescheduled payment plan in october 2010 agarwal said but unitech failed to pay up again and till march 31 this year dues accumulated to the tune rs 2423 crore he addedagarwal said noida had no record of any permission sought or granted for mortgaging the land to lic even if such a permission was sought by unitech it would not have been granted as they have defaulted on payments he said lic too has no right to auction the property since the authority has the first charge on it which is specified in the lease deed we have asked lic to stop the auction and inform us about the same within seven days