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Govt takeover of Unitech: NCLT should have taken our leave, says SC

by Bhavya DubeyDecember 12, 2017

The Supreme Court on Tuesday, hearing the matter between embattled firm Unitech and the National Company Law Tribunal (NCLT) over the latter allowing the latter to take over the company’s management, said that the tribunal should have taken leave of apex court before allowing Centre to take over Unitech Ltd, news agency PTI reported.

The Centre, meanwhile, has sought time in the apex court for the appeal of Unitech challenging the NCLT order.

The tribunal had issued the directive after the government moved the panel looking to safeguard the interests of almost 20,000 home buyers who had invested in the realty firm. “Let this matter be listed for hearing tomorrow. A copy of the SLP (special leave petition) be supplied to the parties,” a Supreme Court bench comprising of CJI Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud had said on Monday.

The bench on Tuesday pondered the request of Additional Solicitor General Tushar Mehta for allowing time of one more day for consulting with the concerned parties before filing a reply on the plea.

The bench noted senior advocate Mukul Rohatgi’s submissions who was appearing for Unitech, that the Tribunal issued an interim order without hearing the company and its directors who are in jail. “The leave of this court, which is seized of the matter, should have been taken by the NCLT,” the bench observed and posted the appeal of Unitech for hearing tomorrow.

On December 8, the tribunal had suspended all eight directors of the realty firm over mismanagement and siphoning of funds allegations, allowing the Centre to nominate 10 people for Unitech’s board.

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