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Supreme Court denies bail to Unitech group director Sanjay Chandra, asks to deposit Rs 1,000 crore

October 23, 2017


SC denies Sanjay Chandra bail and asks to deposit Rs 1000 cr
The anticipatory bail application of Unitech's director Sanjay Chandra was rejected by Supreme Court on Monday. The court also directed the developer to deposit Rs 1,000 crore. A bench headed by Chief Justice Dipak Misra, Justices A M Khanwilkar and D Y Chandrachud recommended that the partially finished flats of the developer spread over its 64 projects in the country be auctioned. The recommendation of the bench came after senior counsel Ranjit Kumar told the court the developer could sell its partially completed flats in the 64 projects to raise money to refund the homebuyers. The appointed amicus curiae Pawanshri Agrawal informed the court that Rs 1,865 crore was required to pay the homebuyers who seek refunds. Senior Counsel Ranjit Kumar, appearing for Unitech, urged that Sanjay Chandra be granted bail for 4-5 weeks, adding he would during this period submit roadmap for raising money for refunding homebuyers. He also argued that director Sanjay Chandra, Unitech Group, cannot raise the funds needed for both refunds and completing the ongoing projects without coming out the jail. Earlier also the Supreme Court, denied bail to Unitech's director Sanjay Chandra after learning the realtor has to deliver 16,299 flats to homebuyers, for which the Unitech group has already received an amount of Rs 7, 816 crore.

 

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