New Unitech board starts hunt for resolution planner

Mumbai: The newly constituted board of debt-laden property developer Unitech is looking for an agency to prepare a resolution plan, the modalities of which were discussed at the board’s first meeting on Tuesday. Yudvir Singh Malik, a retired IAS officer who is the board’s chairman, told ET that if they are not able to find a good agency, they will do it internally and submit the plan within two months. “We should be able to do it within two months. It was the first meeting and we will meet regularly,” Malik told ET.

At the meeting, senior executives of Unitech made a formal presentation to the board to help it understand the company’s projects and other details. The directors include real estate and financing sector stalwarts such as HDFC’s Renu Sud Karnad, Hiranandani Group’s Niranjan Hiranandani, Jitu Virwani of Embassy Group, state-run NBCC’s former chairman Anoop Kumar Mittal.

“It was an introductory meeting that lasted for two hours. Total six out of seven board members were present and the next meeting is now scheduled for February 15, and the board will discuss ways about resolution strategy for Unitech’s revival,” said another board member, requesting anonymity.


The board has been given two months to chalk out and submit a resolution plan to the top court. All ongoing court cases against it have been stayed for the next 60 days. Another board member said they are not likely to seek extension from the Supreme Court and are confident of coming up with a resolution plan before the deadline. Unitech is the third company to be taken over by the government in recent times.