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Supreme Court to Hear Unitech Case Against Government Taking Over

Team SoOLEGAL 12 Dec 2017 11:40am

Supreme Court to Hear Unitech Case Against Government Taking Over

Real estate developer Unitech moved the Supreme Court against a tribunal's order allowing the government to take over the company. The court will hear the petition today and has also sought the government views on how to protect the interest of those who have bought homes from Unitech.

The NCLT (National Company Law Tribunal) had just days ago asked the Ministry of Company Affairs (MCA) to name 10 nominee directors to the Unitech Board. The government is expected to give in the names by December 20, the next date of the hearing in the NCLT. The NCLT order had come on a plea by the Ministry.

On December 11, appearing for Unitech, solicitor general Ranjit Kumar, said that the company had filed an appeal against the order in the top court and urged an immediate hearing on its plea. The appeal has been filed through Agrawal Law Associates.

"The company has to pay up Rs 700 crore. Six of its accounts have been frozen," he told a three-judge bench led by chief justice of India Dipak Misra, hearing the case. He suggested that the NCLT order and the top court orders, to pay.

The CJI wanted to know who had sought a government takeover of the company. Attorney General K.K. Venugopal said that the government prompted the CJI to ask him to get back to the court on how the government proposes to take care of the homebuyers interest in the case. [Source: ET]

 



Tagged: Supreme Court   Real Estate   Unitech   Petition  
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