The Supreme Court on August 25 allowed the new board of directors of Unitech Group to hold negotiations with three Asset Reconstruction Companies (ARCs) regarding outstanding debts and a payment agreement and they set it within four weeks.
The high court also allowed the subcommittee to hold talks with Noida and Greater Noida officials, who raised objections to the decision-making process presented by the new board, regarding fees and fees paid by Unitech Group.
Similar talks will be held with a sub-committee with the Haryana government and its staff on the agreed applications and agreements, the bench said.
It should be noted that the three ARCs – Suraksha ARC, JM Financial ARC, and Edelweiss ARC, have been allocated approximately 8,000 of the 15,000 total settlements for payment and agreed-upon benefits.
“In order to enter into full agreement with the ARC, the new management of Unitech Limited must enter into negotiations. To this end, a four-member subcommittee of the new board of directors will hold talks with Suraksha ARC, JM Financial ARC, and Edelweiss ARC.
“We are allowing the new board of trustees to enter into negotiations with the ARC and set the course, a way forward in court within four weeks.
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Awaiting court order.
The trial is set to begin on August 26.
During the hearing, Additional Solicitor General N Venkataraman, who appeared on the new board, said there were 74 (residential) and 10 (Commercial) plans that could be built when 15,000 units were available to be sent to local consumers.
He informed that the construction and liquidation of 4,000 units of unallocated stock should be considered simultaneously and comprehensively, with 35 projects (including 5,918 units for sale and another 2090 unallocated units) in the ARC.
Venkataraman had said that in order to ensure the development of all projects and to deliver them to local consumers, it was important that new managers be given permission to participate in PMCs, and to award contracts, for all projects, including those awarded to ARCs.
The high court on August 25 also allowed the subcommittee to hold talks with Noida and Greater Noida officials, which raised objections to the decision-making process presented by the new board, regarding fees and fees paid by Unitech Group.
“Unless the court is asked to enter into the details of the objections, it will act on behalf of the committee recommended by Unitech’s board of directors and relevant officials of Noida and Greater Noida at the highest level to participate in negotiations to provide a way forward to protect public interest. .
Similar talks will be held by a sub-committee with the Haryana government and its staff on the demands and consensus reached, the bench said.
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“Similar negotiations are underway with the Haryana state authorities over the next four weeks so that claims and arrears, permits that need to be renewed are identified directly.
On August 25, the bank also approved the payment of more than Rs 54 lakh to M / s Grant Thornton, a legal auditor, who was asked by the high court to investigate Unitech Ltd.
The Supreme Court on August 17 ordered a 30-day deadline for Unitech home buyers, who had opted for a refund, to reconsider their decision and choose their own premises just as it ordered Unitech Ltd’s new management to prioritize the category of home buyers seeking. reimbursement according to their age, health, grief and condition of the project in which the units are booked.
In its resolution, the new board of directors said the construction of 15,000 units should be done to deliver goods to consumers in three to four years and at current prices, the estimated construction cost is Rs 5,500-6,000 crore.
It was speculated that if construction could not be done, the refunds for those buyers would be about rs 11,100.
The Enforcement Directorate (ED), in its report, filed a closed cover before the high court ordered it to attach a $ 650 million unit of Unitech Group in connection with money laundering cases, of which Rs 450 crore is available.
To provide assistance to more than 15,000 Unitech customers, the high court said on January 20 last year, it allowed the Institute to take full control of the disputed company and approved the name of retired IAS chief Yudvir Singh Malik as chairman and executive director (CMD) of the board. new and directed that the existing board of directors of the company would be suspended.
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