SC asks Unitech to deposit Rs 1,000 crore for considering Chandra’s bail plea

The apex court also questioned the real estate firm why they cannot auction their properties to refund money to the homebuyers and complete their housing projects.

NEW DELHI: The Supreme Court on Monday refused the bail plea of Unitech’s managing director Sanjay Chandra, asking the builder to deposit Rs 1,000 crore first as a bonafide. Unitech BSE -4.23 %, represented by former solicitor general Ranjit Kumar, requested release of Chandra for four weeks to arrange the required fund needed to refund home buyers and construction of flats.

However, rejecting the bail plea, the Supreme Court observed that Unitech should first deposit a substantial amount of around Rs 1,000 crore, only then it would consider the bail plea for Chandra, according to advocate Ashwarya Sinha, who represented over 100 home buyers from several projects of Unitech in the court.

Meanwhile, Pawanshree Agrawal, the amicus curiae appointed for the case, on Monday informed the Supreme Court that around 4,688 home buyers so far have registered their refund claims, totaling to around Rs 1,865 crore. In a report submitted in the apex court today, Agrawal also informed around 4,350 home buyers have so far sought possession of their flats from Unitech. The Supreme Court in September had ordered formation of a web portal for home buyers to register their claims for possession of a web portal for home buyers to register their claims for possession of flats or refunds.

A bench of Chief Justice Dipak Misra, Justice AM Khanwilkar and Justice DY Chandrachud today ordered that the portal will continue to be open for other home buyers to register their claims. The next date of hearing in the case has been kept on October 30. Early last month, the Supreme Court had assured home buyers that it will ensure relief according to their choice getting the money back or allotment of a flat.

Unitech has already deposited Rs 20 crore, as directed by the court in earlier orders. Unitech promoters Sanjay Chandra and Ajay Chandra are seeking interim bail from the apex court after the Delhi High Court on August 11 rejected their petition in a criminal case lodged by home buyers of Unitech’s two Gurgaon projects.

Source:- Economic Times


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