BHUPINER SINGH Vs. UNITECH LIMITED

JUDGEMENT

(1.) Proposal of the Union government In pursuance of the order of this Court dtd. 18/12/2019, Mr K K Venugopal, learned Attorney General for India, has submitted a note on behalf of the Union government. The Union government had previously approached the National Company Law Tribunal in December 2017 to remove the existing management of Unitech Limited and to appoint ten nominee directors. In pursuance of the suggestions contained in the previous order, the Union government has indicated that it is prepared to revisit the proposal and to appoint nominee directors to take over the management of Unitech Limited, subject to the following stipulations:

(2.) In response to the proposal which has been submitted before the Court on behalf of the Union government, the amicus curiae has submitted a status report dtd. 18/1/2020 containing some suggestions. The amicus curiae submitted that:

(3.) We have also heard representations on behalf of the home buyers, asset reconstruction companies and the management of the Unitech Limited. Mr Kapil Sibal, learned senior counsel appearing on behalf of the management of Unitech Limited, has submitted that