Centre to take over Unitech Board, SC agrees

Date 20/01/2020:

On Monday Supreme Court agreed to the proposal of the Centre to take over the management of the realty firm Unitech Limited. For the taking over the firm management by the Centre the Apex Court has asked the centre to make certain arrangements.

For this, the bench consisting of DY Chandrachud has asked Centre to make a new panel for seeking all the legal proceedings, paperwork and reports within two months.

Additional to it another bench consisting of Justice MR Shah has granted 2 months moratorium to the new board for any legal proceeding against the company management. The centre stated to Supreme Court that he will revisit to the 2017 proposal in order to take over the management of the firm in order to provide relief to the home buyers.  

But the Government refused to enter any additional fund to the firm which is a major concern for the buyers of the home projects. Under the present guidelines of the Supreme Court, the firm has delivered 5000 flats to the buyers but the buyers are now in a fear that because of the Government intervention there will be more delay in project completion and raising of additional funds will also cost them economically.