SC Allows Sharing of Resolution Plan of Real Estate Firm Unitech Ltd

Nation News of India


File photo of the Supreme Court.

File picture of the Supreme Court.

On January 20 this 12 months, in a respite to over 12,000 hassled residence consumers of Unitech, the highest courtroom had allowed the Centre to take whole administration management of the realty agency and appoint a brand new board of nominee administrators.

  • PTI
  • Last Updated: July 31, 2020, 3:21 PM IST

The Supreme Court on Friday stated the decision plan of the newly-constituted board for Unitech Ltd might be shared on its portal to solicit solutions from the events to assist resurrection of the embattled actual property agency.

A bench comprising Justices DY Chandrachud and MR Shah, in a listening to carried out by means of video conferencing, took observe of the solutions of lawyer Pawan Shree Agrawal, who’s aiding it as an amicus curiae, that if the courtroom wished, then the decision plan could also be shared with the events on the portal.

The decision plan is submitted by the newly-constituted board of the realty agency underneath the IBC (Insolvency and Bankruptcy Code).

On January 20 this 12 months, in a respite to over 12,000 hassled residence consumers of Unitech, the highest courtroom had allowed the Centre to take whole administration management of the realty agency and appoint a brand new board of nominee administrators.

During the listening to, Agrawal stated, “if the court thinks it appropriate, the copy of resolution plan submitted by the newly constituted board can be uploaded on the portal so that the parties can look into it and give their suggestions, if any.”

“We request amicus curiae Pawan Shree Agrawal to upload the copy of the resolution plan filed by the newly constituted board on the portal maintained by him in pursuance to the court’s order,” the bench stated within the order.

The bench additionally stated the amicus shall collate the solutions, if any acquired, with regard to the decision plan for help of the courtroom.

The high courtroom stated that solutions be given to the amicus inside a interval of 10 days from the date of importing of the decision plan.

It stated the amicus will share the solutions acquired by him with the board of the agency.

Taking observe of plight of hassled residence consumers, the courtroom in January this 12 months allowed the Centre to take whole administration management of the realty agency and appoint a brand new board of nominee administrators.

It had then authorized the title of retired Haryana cadre IAS officer Yudvir Singh Malik as chairman and managing director (CMD) of the brand new board and directed that present board of administrators of the corporate would stand outmoded.

In 2018, the highest courtroom had directed a forensic audit of Unitech Ltd and its sister considerations and subsidiaries by Samir Paranjpe, Partner, Forensic and Investigation Services in M/s Grant Thornton India.

The forensic auditors had submitted their report which stated that Unitech Ltd acquired round Rs 14,270 crore from 29,800 homebuyers principally between 2006-2014 and round Rs 1,805 crore from six monetary establishments for the development of 74 tasks.

The audit revealed that round Rs 5,063 crore of residence consumers” cash and round Rs 763 crore of fund acquired from monetary establishments weren’t utilised by the corporate and excessive worth investments had been made off-shore tax-haven international locations between 2007-2010.

Recently on July 7, the apex courtroom had granted interim bail to Unitech Ltd promoter Sanjay Chandra, who was in jail since August 2017 for allegedly siphoning off residence consumers” cash, on “humanitarian grounds” as each his dad and mom have examined optimistic for COVID-19.

It had directed that Chandra be launched on interim bail for 30 days from the date of his precise launch.

The matter pertains to a prison case which began initially by one criticism lodged in 2015 and later joined by 173 different residence consumers of Unitech tasks” — ”Wild Flower Country” and ”Anthea Project” — located in Gurugram.

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