The Supreme Court on Wednesday stayed National Company Law Tribunal (NCLT) order allowing the Centre to take over management of realty firm Unitech Limited. The apex court’s decision comes a day after it had expressed its displeasure over the NCLT’s passing orders in the matter. The court was hearing an appeal filed by Unitech Ltd challenging the NCLT order allowing Centre to take over the firm’s management.
A bench comprising of Chief Justice Dipak Misra and Justice A M Khanwilkar and D Y Chandrachud had observed yesterday, “The leave of this court, which is seized of the matter, should have been taken by the NCLT,” adding, “we are only asking that we are seized of the matter and the NCLT is passing the order”. Also Read: Govt takeover of Unitech: NCLT should have taken our leave, says Supreme Court
The apex court bench asked Additional Solicitor General Tushar Mehta representing the Centre why it had not taken their leave to move NCLT seeking suspension of Unitech’s directors and their substitution by government nominees.
Tushar Mehta said he will seek instruction on the issue and appraise the court on Wednesday.
Appearing for Unitech and its promoters, Senior Advocates Mukul Rohatgi and Ranjit Kumar had said the Supreme Court had allowed company Managing Director Sanjay Chandra, who is in jail, to negotiate to sell his assets and deposit in the court registry Rs 750 crore for refunding money to home buyers who had invested in the firm’s projects. However, the Centre approached the NCLT which passed the interim order allowing the takeover by the Centre without issuing notice to the firm or its directors, claimed Rohtagi.