SC to hear Unitech's appeal against NCLT order on govt takeover tomorrow

The Supreme Court on Monday agreed to hear tomorrow the appeal of Unitech Limited challenging the recent order of the National Company Law Tribunal (NCLT) directing the central government to take over the management of the embattled real estate firm.

A bench comprising Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud considered the submission of the real estate firm that its bank accounts have been frozen and the company and its jailed promoters are finding it difficult to deposit Rs 750 crore as asked by the apex court.

The NCLT has recently invoked the provisions of the Companies Act and allowed the central government to take over the Unitech Limited and appoint its nominee directors in the Board of the firm.

Senior advocate Ranjit Kumar, appearing for the company said the entire firm has been taken over by the government and its appeal be heard on an urgent basis.

The apex court had on November 20 directed Tihar Jail authorities to grant adequate meeting time to their inmate Sanjay Chandra, Managing Director Unitech Ltd, for allowing him to strike deals with prospective buyers as he was asked by the court to deposit Rs 750 crore with it by December end to safeguard the interests of homebuyers.

The top court had on October 30 said that the jailed businessman will be granted bail only after the real estate group deposits money with its registry by December end.

He sought 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' — in Gurugram.