Unitech is facing the wrath of the court in a case related to alleged siphoning of homebuyers' money
The Supreme Court on Wednesday rejected the bail plea of jailed directors of real estate company Unitech, Sanjay Chandra and his brother Ajay Chandra. The beleaguered realty firm is facing the wrath of the court in a case related to alleged siphoning of homebuyers' money. A bench of Justices DY Chandrachud and Hemant Gupta said Sanjay Chandra did not deposit Rs 750 crore with the Registry of the Court as per its earlier order.
Here are 10 things to know:
- Sanjay Chandra and Ajay Chandra have been in jail since August 9, 2017.
- Both have sought bail on the ground that they are complying with the top court's order and have deposited over Rs 400 crore.
- The top court was informed that out of the total of around 16,000 homebuyers in the case, around 9,390 sought either a refund from the developer or possession of flat.
- Around 4,700 buyers wanted a refund, the court was told.
- The Supreme Court had in October 2017 ordered the real estate developer to deposit Rs 750 crore with the court's registry.
- The top court had directed the jail authorities to facilitate Sanjay Chandra's meeting with his company officials and lawyers in order to arrange the money.
- It had also said that Sanjay Chandra was only entitled to negotiate in respect of unencumbered properties or assets of the group.
- Sanjay Chandra's counsel had told the court that if they were given liberty, they would monetise their assets and be able to complete the ongoing projects.
- In September 2018, the Supreme Court had directed the company to construct 514 flats in its five projects out of the funds generated from auctioning of its Kolkata property.
- The Delhi High Court had in August 2017 rejected the plea in a criminal case lodged in 2015 by 158 homebuyers of Unitech projects Wild Flower Country and Anthea situated in Gurgaon, Haryana. (With agency inputs)
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