Supreme Court stays NCLT order on Govt takeover of Unitech

NCLT order disturbing should have taken our leave says SC in Unitech case

The Supreme Court on Wednesday stayed a National Company Law Tribunal (NCLT) order suspending real estate major Unitech's directors and allowing the Centre to appoint its nominees in their place. The rules of procedure must be followed while administering justice.

"When we are hearing this matter how can NCLT pass orders". "Following this, the NCLT added in its order: ".the order which has been already passed in the forenoon session by this Bench shall be subject to compliances of all directions" of the apex court. "It is disturbing", the court said.

Tushar Mehta said he will seek instruction on the issue and appraise the court on Wednesday.

A three-judge bench, headed by Chief Justice of India Dipak Misra and also comprising Justices A M Khanwilkar and D Y Chandrachud, said the NCLT should have taken its leave before allowing the government to take over Unitech's management.

On October 30, the top court had said Sanjay Chandra, now in jail, would be granted bail only after the real estate group deposited money with its registry by December-end.

Unitech approached to the apex court, saying that its bank accounts have been frozen and the company is finding it hard to deposit Rs 750 crore as asked by the Supreme Court. The order of the NCLT and some other courts and forums were coming in the way to meet the objectives of possession and refunds....

With a total debt of over Rs 6,000 crore, the company has not been able to deliver over 16,000 units from its 70 housing projects spread in different parts of the country.

The tribunal had suspended all the eight directors of the company over allegations of mismanagement and siphoning of funds and had authorised the Centre to appoint its 10 nominees on the board.

Satisfied that a prima facie case was made out, the principal NCLT Bench passed interim orders to remove the company's directors and restricted them from selling, or otherwise encumbering their properties and that of the company's.

The Supreme Court had recently asked Unitech to deposit Rs 750 crore by December-end in bail pleas of Sanjay Chandra and Ajay Chandra, who were arrested by the Economic Offence Wing (EOW) of the Delhi Police in April for allegedly not developing a project despite receiving funds from home buyers.

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