The Supreme Court has agreed to hear on Tuesday the appeal of Unitech Limited challenging the recent order of the company law tribunal allowing the Centre to take over its management.
The National Company Law Tribunal (NCLT), on December 8, had suspended all the eight directors of the realty firm over allegations of mismanagement and siphoning of funds and had authorised the Centre to appoint its 10 nominees on the board.
The NCLT order had come after the Centre moved the panel with a view to protect the interest of nearly 20,000 home buyers.“Let this matter be listed for hearing on Tuesday and a copy of the special leave petition be supplied to the parties,” a bench comprising Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud said.
Senior advocate Ranjit Kumar, appearing for Unitech Ltd and its jailed promoters, referred to the recent NCLT order and said the takeover of the management of the company by the Centre would make it difficult for them to deposit ₹750 crore as directed by the apex court to safeguard the interests of home buyers.
“How do I comply with the Supreme Court order? My bank accounts have been frozen on November 21,” the lawyer said.
“The nominated Directors (of the government) shall have to comply with the orders of the Supreme Court,” the bench said, adding that for it, the interests of home buyers were paramount and they cannot be equated with the investors.
Concern for home buyers
“We are more concerned for the home buyers and not for the company and not for the fixed depositors. Homebuyers are not investors or fixed depositors,” the bench said.
Sanjay Chandra, head of the embattled real estate group, was asked on October 30 by the apex court to deposit ₹750 crore with it by December end for the sake of the home buyers.
The NCLT, in its order, has said the government must give name of its nominees by December 20 and restrained Unitech’s eight suspended directors from selling their personal and company properties.
