Supreme Court to hear today the appeal of Unitech Limited challenging the recent order of the company law tribunal allowing the Centre to take over its management. Hearing an appeal of Unitech Ltd yesterday, a bench comprising Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud listed the matter for hearing today.<br/><br/>National Company Law Tribunal (NCLT), on December 8, had suspended all the eight directors of the realty firm over allegations of mismanagement and syphoning 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.<br/><br/> Advocate appearing for Unitech Ltd and its jailed promoters, referred to the recent NCLT order and said the takeover of the management of the company by the Centre would make it difficult for them to deposit Rs 750 crore as directed by the apex court to safeguard the interests<br/>of homebuyers.
News On AIR | December 12, 2017 8:04 AM
SC to hear Unitech's appeal against govt taking over firm