NCLT order against Unitech stayed by Honorable Supreme Court of India

14 December, 2017

The Honorable Supreme Court of India stayed the order Dated 8th December 2017 passed by the Principal Bench of the National Company Law Tribunal that had suspended the Board of Directors of Unitech Ltd and restricted the company in dealing with its assets and allowed the government to nominate 10 directors on the board of the company. The order of the Honorable Supreme Court will help the company on its path to complete the projects and to increase the pace of delivery and refunds to customers. The order of the NCLT and some other courts and forums that were coming in the way to meet the objectives of possession and refunds as applicable. Now with the clarity set in with the order of the Honorable Supreme Court we believe the concerns of many stakeholders are addressed. Based on the order of the Honorable Supreme Court we will now work on getting the various accounts and receivables active again which were affected as consequence of the order dated December 8th, 2017. We strongly believe that the current management is better equipped to handle the completion of the 74 projects that are in various stages of construction.