NCLT should have asked us before passing order: SC

An under-construction project of real estate firm Unitech in Gurgaon

The Supreme Court today put on hold a tribunal's order which allowed takeover of real estate company Unitech by the government.

Company Law Tribunal, NCLT should have taken leave of apex court before allowing Centre to take over #Unitech Ltd: SC.

On December 8, the NCLT had suspended all the eight directors of the firm over allegations of mismanagement and siphoning of funds and had authorised the Centre to appoint 10 nominees to the board. 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.

It had further restrained them from "alienating, mortgaging, creating charge, or lien, or interest in the properties owned by them personally or that of the company till the conclusion of investigation as ordered by it on October 6, 2016".

The government had approached the company law tribunal to take over the Unitech management in a move to protect the interest of almost 20,000 home buyers, and 51,000 depositors to whom the company owes Rs 723 crore. The company has over ₹6,000 crore debt and over 16,000 undelivered units from almost 70 projects.

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The apex court said its priority would be the interest of the homebuyers.

Real estate builder Unitech faced selling pressure on Tuesday, as the Supreme Court adjourned the company's plea against government's intervention in suspending its directors and taking over. The realtor owes over Rs 723 crore to its 20,000 home buyers and 51,000 depositors.

Senior advocate Ranjit Kumar, appearing for Unitech and its jailed promoters, referred to the recent NCLT order of company takeover, saying with the tribunal asking the government to take over the company, it's very hard for them to deposit Rs 750 crore as directed by the SC.

Kumar stated that the company's seven bank accounts were sealed, the Managing Board replaced and the Managing Director Sanjay Chandra is in jail. On December 8, the Unitech scrip had jumped 20 per cent.

The realty company has been in deep trouble and its promoters arrested in a case related to delay in delivery of housing project Anthea Floors in Gurugram.

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