The Supreme Court on Wednesday stalled a move by the National Company law Tribunal (NClT) to take over the Unitech board. The court passed the order after the Centre admitted it was a mistake on its part to approach the NClT at a time when the plea of homebuyers is pending before the apex court.
The court had asked the Centre on Tuesday whether it was correct on part of the Government to approach NClT without taking permission from the apex court. The court was hearing an appeal filed by Unitech claiming that the NClT order of December 8 had virtually stalled the apex court’s order by which the company was directed to deposit Rs 750 crore towards repayment to homebuyers. With the company Directors suspended and the firm’s bank accounts frozen, even the court wondered how the company would fulfil its obligation to refund the money.
Appearing for the Centre, Attorney General KK Venugopal told the Bench of Chief Justice Dipak Misra, Justices AM Khanwilkar and DY Chandrachud that the Government ought not to have approached the NClT at a time when the apex court was hearing the issue. The Centre had taken the decision in the interest of the 20,000 homebuyers who were left in the lurch. The Bench remarked that A-G was fair to court and had helped save a lot of “stress and time” of the homebuyers by his submission.
Following the admission by the A-G, the Bench stayed the NClT order thereby restoring hopes of jailed Unitech Managing Director Sanjay Chandra to make a fresh attempt to arrange the money for homebuyers. On the previous occasions, the apex court had hinted that it may consider granting bail to Chandra if a substantial amount is offered for repayment.
There are over 158 home buyers of Unitech projects’ - Wild Flower Country and Anthea Project - situated in Gurugram who are aggrieved due to the delay in handing over possession of their flats. The court had allowed those buyers who were interested in getting refund to register on an online portal and asked Unitech to generate the money through sale of properties.