SC allows sharing of resolution plan of real estate firm Unitech Ltd

New Delhi: The Supreme Court on Friday said the resolution plan of the newly-constituted board for Unitech Ltd can be shared on its portal to solicit suggestions from the parties to help resurrection of the embattled real estate firm.

A bench comprising Justices D Y Chandrachud and M R Shah, in a hearing conducted through video conferencing, took note of the suggestions of lawyer Pawan Shree Agrawal, who is assisting it as an amicus curiae, that if the court wished, then the resolution plan may be shared with the parties on the portal.

The resolution plan is submitted by the newly-constituted board of the realty firm under the IBC (Insolvency and Bankruptcy Code).

On January 20 this year, in a respite to over 12,000 hassled home buyers of Unitech, the top court had allowed the Centre to take total management control of the realty firm and appoint a new board of nominee directors.

During the hearing, Agrawal said, "if the court thinks it appropriate, the copy of resolution plan submitted by the newly constituted board can be uploaded on the portal so that the parties can look into it and give their suggestions, if any."

"We request amicus curiae Pawan Shree Agrawal to upload the copy of the resolution plan filed by the newly constituted board on the portal maintained by him in pursuance to the court's order," the bench said in the order.

The bench also said the amicus shall collate the suggestions, if any received, with regard to the resolution plan for assistance of the court.