Govt. withdraws its petition from NCLT, SC directs land buyer of Unitech to pay 90 crore by March 31

In the recent development in the Unitech Limited case, where the matter is pending before the Apex Court, the Government has withdrawn the petition that it had filed before the National Company Law Tribunal (NCLT). The Supreme Court had earlier stated that it was very disturbing that the Centre moved to NCLT when the case was already pending before the Apex court and that the NCLT should have taken the leave of Supreme Court before allowing the Centre to take over the management of Unitech Ltd. It must be noted that the case involves siphoning of funds and mismanagement by the Directors of Unitech Ltd. The National Company Law Tribunal has already suspended all 8 Directors and has also barred them from selling their personal or company assets. Omshakthy Agencies (Chennai based land aggregator) had entered into an agreement with Unitech Ltd. for sale of land. On January 29, Unitech Ltd. had informed the Apex court that it had entered into a land deal worth Rs. 400 crore with a buyer who would help them finish projects. The Supreme Court had directed that a person from the & lsquo land buyer' should be present before the Court with a Demand Draft made in the name of Registrar. On last hearing i.e. February 16, an official of Omshakthy Agencies was present before the court stating that it was ready to pay Rs. 90 Crore by 31 March. The Supreme Court has thereby directed Omshakthy Agencies to deposit Rs. 90 crore by March 31, 2018.