The NCLT has recently invoked the provisions of the Companies Act.
New Delhi: The Supreme Court on Monday agreed to hear on Tuesday the appeal of Unitech Limited challenging the recent order of the National Company Law Tribunal (NCLT) directing the central government to take over the management of the embattled real estate firm.
A bench comprising Chief Justice Dipak Misra and Justices A.M. Khanwilkar and D.Y. Chandrachud considered the submission of the real estate firm that its bank accounts have been frozen and the company and its jailed promoters are finding it difficult to deposit Rs 750 crore as asked by the apex court.
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 real eastate company.