The Supreme Court today accepted the proposal of the Centre to take over the management control of embattled realty firm Unitech Limited.
A bench headed by Justice D Y Chandrachud gave two months to the new board of Unitech to prepare the resolution framework of the company and sought its report. The bench, also comprising Justice M R Shah, granted a two-month moratorium to the new board from any legal proceedings against the company’s management. It said, the Board will appoint a retired apex court judge to monitor the preparation of the resolution framework by the Board.
The Centre last week told the apex court that it is agreeable to revisit its 2017 proposal to take over the management control of Unitech Ltd and complete its stalled projects for providing relief to around 12,000 hassled home buyers.
The Centre had, however, said it would not infuse any funds for completion of pending projects of the company. It also said that the court should direct a moratorium for 12 months.