The Ministry of Corporate Affairs (MCA) has moved straight out to take over the management of renowned Unitech Company considered as largest real estate builders. Reason being the company reckoning mismanagement and diversion of funds.

The Centre moved a petition in the National Company Law Tribunal (NCLT), which allowed the Centre to go ahead with the takeover.

This process was unanticipatedly put to a halt, when the Supreme Court stayed the tribunal’s order.

Attorney General KK Venugopal abides that the tribunal should not have passed such an order as permission from the apex court was not needed by the Centre before moving to the NCLT.

The focus should not only for better implementation of the RERA Act, the Centre has taken the drastic step of taking over the management of a large real estate company facing severe financial troubles and multiple litigation.

The question somehow still prevails that if government taking over the firms is a solution or not. Regulation can be key to all the queries.