Unitech case: SC disappointed with Centre for moving NCLT without prior permission

SC was hearing Unitech's appeal challenging the recent order of the NCLT allowing the Centre to take over its management.

Unitech case: SC disappointed with Centre for moving NCLT without prior permission

New Delhi: The Supreme Court on Tuesday expressed dissappointment over Centre's decision to approach company law tribunal National Company Law Tribunal (NCLT) over the Unitech case.

SC said that the Centre should have taken prior permission from the apex court when it was already dealing with the case. Centre has sought time till Wednesday to respond to it.

The Supreme Court was hearing the appeal of Unitech Limited challenging the recent order of the company law tribunal allowing the Centre to take over its management.

A bench comprising Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud, considered the request of Additional Solicitor General Tushar Mehta that one more day be given to him to seek instruction from the concerned authorities on the appeal of Unitech against the order of the NCLT.

The bench took note of the submissions of senior advocate Mukul Rohatgi, appearing for the realty firm, that the Tribunal passed an interim order without hearing the company and its directors who are in jail.

Unitech said that SC had given time to Sanjay Chandra to negotiate from jail to sell assets to generate money for refund to home buyers and yet Centre breached discipline to go before NCLT.

The 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.

 

 

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