New Delhi, Dec 13: The Supreme Court on Wednesday stayed the order of National Company Law
Tribunal (NCLT) allowing Centre to take over management of real estate firm
Unitech.
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.
Attorney General (AG), K K Venugopal, top law officer appearing for the Central government, told the Court that the Union of India should not have approached the NCLT when the Apex Court was already seized of the matter relating to Unitech's failure to refund home buyers.
The NCLT had in its order on Friday had restrained all the Unitech directors from discharging their duties on December 8.
This was subsequently challenged by Mukul Rohatgi, the counsel appearing for Unitech.
The top court observed that it was more concerned about the homebuyers and not about the real estate company.
It had earlier sought information from the Ministry of Corporate Affairs (MCA) on how Unitech would refund homebuyers.
The Apex Court had also sought Rs 750 crore from Unitech Ltd by December end. UNI
Attorney General (AG), K K Venugopal, top law officer appearing for the Central government, told the Court that the Union of India should not have approached the NCLT when the Apex Court was already seized of the matter relating to Unitech's failure to refund home buyers.
The NCLT had in its order on Friday had restrained all the Unitech directors from discharging their duties on December 8.
This was subsequently challenged by Mukul Rohatgi, the counsel appearing for Unitech.
The top court observed that it was more concerned about the homebuyers and not about the real estate company.
It had earlier sought information from the Ministry of Corporate Affairs (MCA) on how Unitech would refund homebuyers.
The Apex Court had also sought Rs 750 crore from Unitech Ltd by December end. UNI
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