The Supreme Court on Monday told the Centre that regardless of the change of guard at Unitech, the new administration must refund the homebuyers on priority as per the earlier orders passed by the court.
The development comes days after the National Company law Tribunal (NClT) directed the Centre to take over the debt-ridden Unitech, replacing the top management of the realtor firm with a Board of ten nominated directors. On Monday, Unitech moved the SC against the NClT order.
The court had directed Unitech to deposit a sum of Rs 750 crore by this month end to be utilised towards payment of money invested by homebuyers. Following the NClT order, Unitech’s counsel senior
advocate Ranjit Kumar informed a Bench headed by Chief Justice Dipak Misra that the company is unable to comply with the order following NClT’s direction.
Kumar stated that the company’s seven bank accounts were sealed, the Managing Board replaced and the Managing Director Sanjay Chandra is in jail. In these circumstances, he urged that even though the company wished to repay homebuyers it was unable to do so.
The Bench, also comprising Justices AM Khanwilkar and DY Chandrachud, wished to know whether the NClT proceedings would hamper implementation of its order.
On coming to know that Centre had approached NClT, the Bench asked Additional Solicitor General (ASG) Tushar Mehta to take instructions how the new Board of Directors will repay money to homebuyers.
“Now with accounts frozen, the director in jail and a new Board being appointed, it is the responsibility of the new directors to first ensure that the payment is made,” the Bench told Mehta. Meanwhile, the court directed to list Unitech’s appeal against NClT order on Tuesday.
It said, “We are more concerned with the interest of homebuyers and not investors. The Centre may take instructions on this.”