The top court's move came on the heels of an appeal against the tribunal's order filed by Sanjay Chandra, the promoter of the embattled real estate firm
The Supreme Court on Wednesday stayed the National Company Law Tribunal (NCLT) order that allowed the Centre to take over Unitech's management.
The top court's move came on the heels of an appeal against the tribunal's order filed by Sanjay Chandra, the promoter of the embattled real estate firm. "When we are hearing this matter, how can NCLT pass orders? It is disturbing," the top court said during an earlier hearing.
Standing firm and guarding the interest of the homebuyers, a bench led by the Chief Justice of India Dipak Misra acknowledged Attorney General KK Venugopal's apology when he admitted that the Centre was hasty in approaching the NCLT when the case was pending before the top court.
Venugopal admitted that the Centre should not have approached NCLT, and the tribunal shouldn't have passed an order that allowed the firm's takeover at a time when the top court is hearing the matter.
The bench, also comprising Justices AM Khanwilkar and DY Chandrachud, posted the matter for January 12 after recording the top law officer's apology.
On December 8, NCLT suspended all eight board of directors and handed over the reigns of the embattled real estate firm to the Centre. Accusing the board of mismanagement and siphoning of funds, the tribunal had authorised the Centre to appoint 10 of its nominees on the board. The tribunal's order had come after the government's appeal that moved the panel to protect the interest of nearly 20,000 homebuyers.
In its order, the tribunal had given the Centre time till December 20 to appoint its nominees while restraining the suspended directors from selling their personal and company properties.
In October, the SC had denied bail to Unitech managing director Sanjay Chandra, and ordered him to deposit at least Rs 750 crore by December end, which could be used to refund homebuyers. It also indicated that it was considering auctioning the flats for the refund.
In September, the top court awarded 39 homebuyers compensation to the tune of Rs 80,000 each, towards litigation costs and mental agony. Thirty-nine buyers approached the top court when Unitech failed to deliver the promised homes in its project — Vista — in Sector 70, Gurgaon.
The buyers had sought a refund of their principal amount - which amounted to Rs16.55 crore with interest, after Unitech delayed possession beyond 2012 — when it was promised.
In an earlier February order, the apex court had directed Unitech to pay 14 per cent interest that would be calculated from January 1, 2010. The amount was to be deposited with the SC registry who would then disbursed 90 per cent of the amount among the 39 buyers on a pro-rata basis.
Over two dozen homebuyers approached the National Consumer Disputes Redressal Commission (NCDRC) after Unitech failed to give possession as per schedule in its Noida and Gurgaon's housing projects. The consumer forum had directed Unitech to refund the money to the homebuyers with interest.
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