- Tag results for Unitech
A bench of Justices D Y Chandrachud and Hemant Gupta said they have not complied with its October 30, 2017 order which asked them to deposit Rs 750 crore with the apex court registry.
The government has to repay the actual amount of 165 crore (paid by the company) for its failure to handover the land auctioned in favour of Unitech company.
"Is there a parallel system running in jails? Do they have special rights in jails," asked the SC bench.
Justice M S Ramachandra Rao gave the direction on October 23, on the petition by Unitech Limited in the case pertaining to the development of 350 acres of land here in 2008 by the company.
Therefore, the respondents are bound to make restitution of the amounts claimed by petitioners with interest, the judge noted.
The bench said that Rs 21 crore should be transferred by the Registry of the apex court to an Unitech Escrow account opened by the Chairman of the Committee who is a signatory.
Hyderabad HC is likely to hear tomorrow a petition filed by debt-ridden realty firm Unitech Ltd, seeking refund from the Telangana State Industrial Infrastructure Corporation of about Rs 500 crore.
Unitech is facing huge protest from home buyers because of delay in completion of about 70 projects involving more than 16,000 flats.
India's Supreme Court halted a government takeover of the management of top realty firm Unitech Ltd on Wednesday, saying the court is already seized of the matter.
The NCLT has recently invoked the provisions of the Companies Act and allowed the central government to take over the Unitech Limited and appoint its nominee directors in the Board of the firm.
Shares of Unitech surged as much as 20 percent in morning trade today after the NCLT authorised the government to appoint its 10 nominees on the board of the realty firm.
Bankruptcy court NCLT suspends eight directors of Unitech, allowing the government to appoint ten directors on the board.
A bench headed by Chief Justice Dipak Misra said Chandra's counsel can mention the matter related to bail before it once the money is deposited.
The SC said it will appoint a court commissioner as the receiver of real estate major Unitech's properties to realise the Rs 7,600 crore to be paid to home buyers