BUSINESS
The NCLT order had come after the Centre moved the panel with a view to protect the interest of nearly 20,000 home buyers
The Supreme Court Tuesday said the National Company Law Tribunal (NCLT) should have taken its leave before allowing the Centre to take over the management of debt-ridden real estate company firm Unitech Limited.
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 leave of this court, which is seized of the matter, should have been taken by the NCLT," the bench observed and posted the matter for hearing tomorrow.
Today, the Supreme Court bench of Chief Justice of India Dipak Misra and Justices AM Khanwilkar and DY Chandrachud also weighed in on the request of Additional Solicitor General Tushar Mehta that one day be given to him to seek instruction from the authorities on the appeal of Unitech against the order of the National Company Law Tribunal (NCLT).
The bench also took note of the submissions of senior advocate Mukul Rohatgi, appearing for the firm, that the NCLT had passed an interim order without hearing the company and its directors who are in jail.
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 SC 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.
The tribunal's order had come after the government filed a petition arguing that Unitech was a fit case for winding up, but considering the interest of thousands of home buyers and small depositors, it wanted to take over company management.
The company has over Rs 6,000 crore debt and over 16,000 undelivered units from a total of nearly 70 projects.
On October 30, the top court had said Sanjay Chandra, currently in jail, would be granted bail only after the real estate group deposited money with its registry by December-end.
The top court had earlier directed the jail authorities to facilitate Chandra's meeting with his company officials and lawyers so that he could arrange money to refund the home buyers as well as for completing the ongoing housing projects.
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.
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