Supreme Court finds Tribunal's order in Unitech case 'disturbing'
New Delhi, Dec 12 (IBNS): The Supreme Court of India, on Tuesday, reprimanded the National Company Law Tribunal (NCLT) for ordering the government takeover of realty company Unitech when the apex court is hearing on the matter, according to media reports.
"How can tribunal order when the matter before us," the apex court said, reported NDTV, calling it a 'disturbing' move.
According to reports, NCLT, on Friday, suspended all the eight directors of Unitech over allegations of mismanagement and siphoning of funds and asking the Central government to appoint its 10 nominees on the board.
The realty company has been in deep trouble and its promoters arrested in a case related to delay in delivery of housing project Anthea Floors in Gurugram.
The government had appealed to the tribunal to take over the management of the company for the sake of the home buyers and small depositors even though it believed the situation demanded winding up the business, media reported.
The company had petitioned the Supreme Court on Monday against the tribunal's order allowing the government to take over the company.
The apex court has directed the Central government to give its suggestions to the court by Wednesday on how to protect the interest of Unitech's home buyers.
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