A Supreme Court bench headed by Justice Dipak Misra also denied to entertain any further application for exemption from the presence of the directors in the court
A Supreme Court bench headed by Justice Dipak Misra also denied to entertain any further application for exemption from the presence of the directors in the court.
The court also said that all proceedings in cases against Unitech and its directors before different courts and forums will continue, informed lawyer ML Lahoty, who represented around 1,700 home buyers of Gurgaon’s Unitech Residences and Vistas project in the court.
“The apex court asked all the directors of Unitech to be present in person and asked the company to submit the final proposal in the next hearing on May 5. It also denied to entertain any exemption application from Unitech,” Lahoty said.
The company on February 27 proposed before the Supreme Court to submit a comprehensive scheme for dealing with completion of the pending projects and refunds for home buyers. However, it failed to submit the proposal, and demanded more time today.
Around 13,337 home buyers in 41 projects of Unitech, primarily in Noida and Gurgaon, are stuck due to delay.
The Delhi High Court had on September 2 last year agreed upon a scheme of compromise and arrangement under Section 391 of Companies Act as submitted by a group of homebuyers and asked Unitech to hold meetings with homebuyers. The court asked the builder to set up escrow accounts to allow it to complete its pending projects.
The court also stayed all the proceedings pending against Unitech, barring all Supreme Court orders, or which may be filed against the company or its directors before different forums.
The Supreme Court on November 18, however, stayed all the meetings between homebuyers and the company on the proposed scheme of compromise to complete the pending projects.
The apex court on December 15 finally put a complete stay on the Delhi High Court order, thereby reopening of all the pending cases against real estate firm Unitech and its directors before different courts and forums.
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