NCLT refuses to put Unitech order in abeyance

By: | Published: December 8, 2017 5:51 PM

The National Company Law Tribunal today declined to keep in abeyance its order to suspend 10 directors of Unitech Ltd and permit the government to appoint its nominees on the board of the troubled realty firm.

National Company Law Tribunal, NCLT, Unitech Ltd, Supreme Court, M M Kumar, NCLT benchThe National Company Law Tribunal today declined to keep in abeyance its order to suspend 10 directors of Unitech Ltd and permit the government to appoint its nominees on the board of the troubled realty firm. (Image: IE)

The National Company Law Tribunal today declined to keep in abeyance its order to suspend 10 directors of Unitech Ltd and permit the government to appoint its nominees on the board of the troubled realty firm. The tribunal said that the new directors of the Unitech would comply with all the orders of the Supreme Court. “This order, already passed shall be subject to compliance of all orders of Supreme court,” said the NCLT bench headed by Chairman Justice M M Kumar.

The tribunal also directed Unitech Managing Directors Sanjay Chandra and Ajay Chandra to file their replies. Unitech approached the tribunal contending that the government had not informed the forum of Supreme Court bar on any coercive action against the company. Earlier in the day, Unitech suffered a jolt when its 10 directors were suspended by the tribunal, which allowed the government to appoint their replacements.

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