[ecis2016.org] The Supreme Court has stayed all the upcoming meetings of the proposed scheme of compromise, between Unitech Ltd and its home buyers, on suspicion that the company was trying to subvert the court’s orders
The Supreme Court, on November 18, 2016, stayed all the upcoming meetings of home buyers of Unitech Ltd, for giving their approval or disapproval to a proposed compromise scheme forwarded by the company, to enable it to complete pending projects.
You are reading: SC stays Unitech home buyers’ meetings on compromise scheme
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Observing that it seems that an attempt has been made to ‘frustrate’ the apex court’s orders, a bench of justices Dipak Misra and Amitava Roy, said that “Proposed meetings shall stand stayed till further orders”. The bench also issued a notice to the company, saying that “There is a suspicion that it is trying to subvert the order of this court”.
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It said that people, who were successful at the level of the national consumer commission and are before the apex court, should get their money back from the developer.
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The Delhi High Court had, on September 2, 2016, granted an opportunity to beleaguered real estate firm, to complete its delayed housing projects and hand over possession of flats to the buyers, by opening escrow accounts and using the money deposited in it solely for these projects. It had directed the home buyers across the country to hold meetings, for approval or disapproval of the proposed scheme of compromise, to enable the company to complete the pending projects and hand over the flats. Justice Sudershan Kumar Misra, who retired on September 6, 2016, in his order said that four meetings of home buyers should be held on November 20 at Mohali, Punjab, on November 27 at Chennai, on December 4 at Gurgaon and on December 11 at Noida.
The company had told the high court that it would open escrow accounts, in which the amounts received from the buyers and sale of lands would be deposited and the money would be used solely for completing the delayed housing projects. The court had put in abeyance all the proceedings pending before different forums against Unitech Ltd, to enable it to fulfil its commitment towards home buyers, by handing over possession of flats and had appointed a court commissioner to monitor the functioning of the escrow account.
Source: https://ecis2016.org/.
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Source: https://ecis2016.org
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