A seven-member independent board appointed by the central government is set to take charge of embattled builder Unitech Ltd, with the Supreme Court approving a government proposal to this effect.
Former IAS officer Yudhvir Singh Malik will chair the board, which will craft a scheme in two months to accelerate the pending projects and address concerns of 12,000 Unitech customers waiting for their homes.
Approving the proposal submitted on Saturday, an apex court bench presided by Justice D.Y. Chandrachud and including Justice M.R. Shah sought a report on the resolution plan, which will include the way forward on stalled projects.