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Unitech seeks stay of NCLT order allowing government takeover

The company told the Supreme Court that the National Company Law Tribunal (NCLT) "could not pass such an order" and asked for the stay on the tribunal order allowing appointment of 10 directors on the company's board.

Reported by: IANS, New Delhi [ Published on: December 12, 2017 15:06 IST ]
Buyers of Unitech protest against builder of Unitech for
Buyers of Unitech protest against builder of Unitech for over delaying of project at Signature tower in Gurgaon

Real estate major Unitech on Tuesday sought the suspension of an NCLT order allowing the government's takeover of the company.

The company told the Supreme Court that the National Company Law Tribunal (NCLT) "could not pass such an order" and asked for the stay on the tribunal order allowing appointment of 10 directors on the company's board.

Senior counsel Mukul Rohatgi told Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud that the top court in its October 30 order had said that no coercive steps would be taken against Unitech.

Giving time till Wednesday to Additional Solicitor General Tushar Mehta to take instructions on the plea by Unitech, Chief Justice Misra observed that the government should have taken the leave (permission) of the court before embarking on taking over the company management.

 

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