* Court allows government to replace 10 existing directors
* Bans existing directors from raising loans, selling assets
* 19,000 buyers await delivery of apartments
* Unitech owes about 7.24 bln rupees to 51,000 depositors (Adds details)
By Manoj Kumar
NEW DELHI, Dec 8 (Reuters) – An Indian court on Friday allowed the government to take over management control of the debt-laden property developer Unitech Ltd, a rare intervention that the government said was to protect the public interest.
A government lawyer said it wanted to prevent Unitech becoming insolvent and protect 19,000 home buyers who have yet to be handed apartments they had bought.
The government sought permission from the National Company Law Tribunal (NCLT) to appoint new d…
Read the full article at: https://www.reuters.com/article/india-unitech/update-1-indian-court-says-government-can-take-control-of-unitech-idUSL3N1O83SZ