Unitech’s New Board To Appoint PMCs For Stalled Projects Completion
A bench of Justices DY Chandrachud and M R Shah said that the new board of management can proceed ahead with the appointment of PMCs for completion of the stalled projects. The bench said that work can be awarded to the PMCs in part A projects and also fixed a fee for their work. The top court also took note of the Action Taken Report (ATR) filed by the new board of management about the settlement of claims with Suraksha ARC saying no resolution has been found yet. The bench said that it is giving one last opportunity to the counsel of Suraksha ARC to seek instruction and find a way for resolution of the claims with the Unitech. The Unitech Group had said that they needed permission for the appointment of PMCs to provide relief to the home buyers by delivering them flat as per the new schedule. The top court had also permitted the sub-committee to hold negotiations with Noida and Greater Noida authorities, which has raised objections to the resolution plan presented by the new board, about the dues and the amount payable by the Unitech Group. The new board of Unitech has earlier told the court currently there are 74 (residential) and 10 (Commercial) under-construction projects wherein possession of about 15,000 units has to be delivered to homebuyers. It has been said that the construction and completion of the unsold stock of about 4000 units have to be taken up simultaneously and out of the total, 35 projects (comprising 5,918 sold units of which possession has to be given and another 2090 unsold units) have been assigned to the ARCs. For complete development of all the projects and delivery to homebuyers, it is imperative that the new Management is given permission for engagement of the PMCs, and for the award of contracts, for all projects, including those assigned to the ARCs it had said.
Tags : ALLIED Stalled Projects Suraksha ARC Action Taken Report - ATR Unitech Group PMCs Greater Noida Authorities