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

The NCLT has recently invoked the provisions of the Companies Act and allowed the central government to take over the Unitech

Press Trust of India  |  New Delhi 


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

A bench comprising Chief Justice and Justices A M Khanwilkar and considered the submission of the real estate firm that its 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

The has recently invoked the provisions of the Act and allowed the central to take over the 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 and its appeal be heard on an urgent basis.

The apex had on November 20 directed Tihar Jail authorities to grant adequate meeting time to their inmate Sanjay Chandra, Managing Director 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.

First Published: Mon, December 11 2017. 13:24 IST