The Supreme Court on Wednesday stayed the order of National Company Law Tribunal (NCLT) ordering the supersession of the board of realty major Unitech.The move, which came after the Attorney General's admission that the government petition to NCLT was a mistake, triggered a crash of Unitech shares.
The shares which opened around Rs 7.5 levels, slipped by up to 14 per cent to Rs 6.61 by noon after the stay on government move became public.
The stay puts the focus back on the recovery efforts initiated by the Supreme Court. Promoters Sanjay and Ajay Chandra, who are in judicial custody have been allowed special facilities to negotiate the sale of the group's unencumbered assets to raise Rs 750 crore by the end of December.
Over 4,700 homebuyers have submitted their claims for a refund through the portal created by the Supreme Court, running up dues of over Rs 1,800 crore. For family members of Chandras, who were seen anxiously discussing the details with lawyers, the wait is not over. Though the next hearing of the bail petitions is in January, the petitioners can move court earlier if the required funds are mobilized earlier. ''
In a statement last week, Unitech had said, "Notwithstanding that our Managing Directors are in judicial custody having extremely limited facilities they are still striving hard to secure financing so that construction can continue to complete various projects. The company has been successful in raising some finance in the past few months and is confident that it will, over a period of time, complete all its projects."