Unitech takeover: NCLT should have taken our leave, says SC

New Delhi, December 12

The Supreme Court today said the company law tribunal NCLT should have taken its leave before allowing the Centre to take over the management of embattled realty firm Unitech Limited.

A Bench comprising Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud, considered the request of Additional Solicitor General Tushar Mehta that one more day be given to him to seek instruction from the authorities concerned on the appeal of Unitech Limited against the order of the National Company Law Tribunal (NCLT).

The Bench took note of the submissions of senior advocate Mukul Rohatgi, appearing for the realty firm, that the Tribunal passed an interim order without hearing the company and its directors who are in jail.

“The leave of this court, which is seized of the matter, should have been taken by the NCLT,” the Bench observed and posted the appeal of Unitech for hearing tomorrow.

The NCLT, on December 8, had suspended all 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 interest of nearly 20,000 home buyers.

Sanjay Chandra, head of the 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 NCLT, in its order, has said the government must give name of its nominees by December 20 and restrained Unitech’s eight suspended directors from selling their personal and company properties. — PTI