Unitech asks Supreme Court for more time to deposit Rs 750-crore
Real estate firm Unitech on Friday sought more time to deposit Rs 750 crore in the Supreme Court, but agreed to deposit Rs 18 crore by Saturday. While Unitech submitted a refund plan to the bench led by Chief Justice Dipak Misra, it said that it needs six months to deposit money. The next date of hearing is January 29. Meanwhile, the government told the bench that it will withdraw its petition from the National Company Law Tribunal that had last month ordered removal and suspension of all nine of Unitech’s directors.
The NCLT had also allowed the government to takeover the indebted real estate company by appointing 10 nominee directors to run it as an interim arrangement. Meanwhile, a buyers’ association told the court that it has identified the Unitech Golf and Country Club project in Sector 96, Noida, which can be sold to a developer to raise money.