The Supreme Court on Tuesday expressed disappointment with the National Company Law Tribunal for passing orders against real estate investment company Unitech even as it was hearing matters related to the firm, PTI reported.
On December 8, the tribunal had allowed the government to appoint 10 interim directors to Unitech’s board after it found that the real estate firm’s affairs were “not being carried out honestly”. The company’s directors were barred from carrying out their responsibilities for allegedly mismanaging funds.
A bench comprising Chief Justice Dipak Misra and justices AM Khanwilkar and DY Chandrachud said, “The leave of this court, which is seized of the matter, should have been taken by the NCLT.”
It posted the matter for Wednesday.
Additional Solicitor General Tushar Mehta, who represented the government, sought another day to consult concerned authorities on Unitech’s appeal against the National Company Law Tribunal’s order.
The bench also considered the submission of the real estate firm that its bank accounts have been frozen, and the company and its jailed promoters were finding it difficult to comply with the Supreme Court’s order to deposit Rs 750 crore by the end of December to pay its home buyers.
Unitech is facing multiple cases filed by flat buyers, who alleged that Managing Director Sanjay Chandra had duped them. The Economic Offences Wing of the Delhi Police had arrested Chandra and his brother Ajay earlier in 2017 for allegedly cheating home buyers and siphoning off clients’ money to foreign accounts.
The realty firm also failed to complete housing projects in Greater Noida and Gurugram on time, and the company’s management did not refund the money along with interest, leaving thousands of buyers in the lurch.