Unitech's Sanjay Chandra Denied Bail, Told To Deposit Rs 1,000 Crore

Unitech's partially complete flats, spread over 64 projects across the country, should be auctioned, suggests Supreme Court.

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Unitech's Sanjay Chandra Denied Bail, Told To Deposit Rs 1,000 Crore

Unitech's counsel urged that Sanjay Chandra be granted bail for four to five weeks.

The Supreme Court on Monday refused to entertain the bail plea of real estate developer Unitech's managing director Sanjay Chandra and asked the real estate major to deposit Rs 1,000 crore to prove its bona fides. Refusing the bail plea, a Supreme Court bench of Chief Justice Dipak Misra, Justice AM Khanwilkar and Justice DY Chandrachud suggested that the partially complete flats of the real estate major spread over its 64 projects across the country be auctioned.

The suggestion came after senior counsel Ranjit Kumar, appearing for Unitech, told the court the company could sell the flats in the 64 projects to raise money to refund the flat buyers. Amicus curiae (court's advisor) Pawan Shree Agrawal told the court that Rs 1,865 crore was needed to pay the flat buyers who want refunds.

Ranjit Kumar, appearing for Unitech, urged that Mr Chandra be granted bail for four to five weeks, adding that he would during this period submit plans for raising the money for refunding the flat buyers.

He argued that Mr Chandra cannot raise the money required both for refunds and completing the ongoing projects without coming out.

Mr Chandra and his brother Ajay were arrested in April this year after flat buyers who did not get their flats as promised filed complaints of cheating against them.  The Chandra brothers had moved the top court against the 11 August order of the Delhi High Court refusing to grant interim bail to them.

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