January 20, 2020

SC Accepts Proposal For Unitech’s Take Over By New Board

[ By Bobby Anthony ]


The Supreme Court has accepted the central government’s proposal recommending a seven-member board to take over the management of real estate company Unitech.

This decision will benefit nearly 30,000 homebuyers.

A bench headed by Justice D Y Chandrachud approved the appointment of former IAS officer Yudhvir Singh Malik as its CMD. Earlier, the Supreme Court had asked the central government to take over Unitech.

Within two months, the newly approved board will file a report about the resolution framework to sort out the Unitech housing mess, which includes recommendations about the way forward on the stalled housing projects.

The Supreme Court also granted a two-month moratorium to the new board of Unitech Limited from any legal proceedings.

The Supreme Court stated that it would appoint a retired Supreme Court judge to monitor preparation of resolution framework by newly appointed board of Unitech.

It may be recalled that in December 2019, the Supreme Court had asked the central government to explore the possibility of taking over the management of the company after the financial mess due to siphoning off more than 50% of money deposited by individuals and financial institutions was revealed.

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