 "SC directs real estate firm Unitech to pay back investors Rs 15 crore")
The corporate affairs ministry has moved the bankruptcy court to take management control of realty major Unitech on grounds of mismanagement and diversion of funds, Bloomberg reported on Friday.
Unitech’s Managing Director Sanjay Chandra was arrested in April 2017 following a complaint by home buyers who weren’t given possession of their flats. Unitech had yet to deliver possession of 16,299 flats worth Rs 7,816 crore to investors.
The Supreme Court denied Chandra bail until the company deposited funds with it to protect the interests of such buyers.
According to Bloomberg, the ministry of corporate affairs has not only sought suspension of Unitech’s existing
