Supreme Court stays NCLT order allowing Centre to take over management of Unitech
Unitech Towers
The court had said on Tuesday that the company law tribunal should have taken its leave before allowing the Centre to take over the management of embattled realty firm Unitech Limited, as it was seized of the matter.
The Supreme Court on Wednesday stayed company law tribunal NCLT order allowing Centre to take over management of embattled realty firm Unitech Ltd.
The court had said on Tuesday that the company law tribunal should have taken its leave before allowing the Centre to take over the management of embattled realty firm Unitech Limited, as it was seized of the matter.
Today, during the hearing, Attorney General K K Venugopal, appearing on behalf of Centre, said the government should not have approached NCLT with the plea to take over management of Unitech.
A bench comprising Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud asked the Centre why it had not taken the apex court's permission to move the National Company Law Tribunal (NCLT) for suspension of Unitech's directors and their substitution by government nominees.
Senior lawyers Mukul Rohatgi and Ranjit Kumar, appearing for the real estate firm and its promoters, said the apex court had given time to Unitech chief Sanjay Chandra to negotiate from jail to sell assets to generate Rs 750 crore for refunding money to home buyers but, in the mean time, the Centre has approached the NCLT.
Rohatgi alleged that the NCLT did not issue notice to the firm and its directors and passed the interim order, which was virtually a final order, and allowed the Centre to take over the firm.
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The NCLT, on December 8, had suspended all the eight directors of the realty firm over allegations of mismanagement and siphoning of funds and had authorised the Centre to appoint its 10 nominees on the board.
The NCLT order had come after the Centre moved the panel with a view to protect the interests of nearly 20,000 home buyers.
Unitech alleged that the takeover of the management of the company by the Centre would make it difficult for them to deposit Rs 750 crore as directed by the apex court to safeguard the interests of homebuyers.
Sanjay Chandra, head of the embattled real estate group, was asked on October 30 by the apex court to deposit Rs 750 crore with it by December end for the sake of the homebuyers.
The apex court had on October 30 said jailed businessman Chandra will be granted bail only after the real estate group deposited money with its registry by December end.
Chandra is seeking interim bail from the apex court after the Delhi High Court on August 11 had rejected the plea in a criminal case lodged in 2015 by 158 home buyers of Unitech projects - 'Wild Flower Country' and 'Anthea Project' - situated in Gurugram.