Real estate firm Unitech on Friday sought more time to deposit Rs 750 crore in the Supreme Court, but agreed to deposit Rs 18 crore by Saturday. While Unitech submitted a refund plan to the bench led by Chief Justice Dipak Misra, it said that it needs six months to deposit money. The next date of hearing is January 29. Meanwhile, the government told the bench that it will withdraw its petition from the National Company Law Tribunal that had last month ordered removal and suspension of all nine of Unitech’s directors.
The NCLT had also allowed the government to takeover the indebted real estate company by appointing 10 nominee directors to run it as an interim arrangement.Meanwhile, a buyers’ association told the court that it has identified the Unitech Golf and Country Club project in Sector 96, Noida, which can be sold to a developer to raise money. Last month, the apex court had stayed the tribunal’s order after Unitech’s senior counsel Ranjit Kumar alleged that the NCLT’s order was contrary to the Supreme Court’s earlier directions issued in a criminal case for granting bail to promoters and managing directors Sanjay Chandra and Ajay Chandra. Both brothers are behind bars in an alleged forgery case filed by flat buyers of Unitech’s Gurgaon-based Anthea Floors Wildflower Country housing project in Sector 70.
Unitech in its appeal submitted that the impugned order has been passed by the tribunal in complete disregard to the orders of the SC that asked it to deposit Rs 750 crore to secure bail of the two promoters. The tribunal’s order had come after the ministry moved the tribunal under Section 241(2) of the Companies Act alleging massive financial irregularities and mismanagement in the company as reflected by a report of the Registrar of Companies. The provision allows the government to apply to the tribunal if it feels that a company is operating in a manner prejudicial to public interest.
Source: Financial Express