SC denies bail to Unitech’s Sanjay Chandra, asks firm to deposit Rs 1,000 crore
The Supreme Court on Monday refused to entertain the bail plea of Unitech’s Sanjay Chandra and asked the real estate major to deposit Rs 1,000 crore to prove its bonafides.
Refusing the bail plea, a 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 told the court the company could sell the flats in the 64 projects to raise money to refund the flat buyers.
At the outset of the hearing, the amicus curiae Pawanshri 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 Chandra be granted bail for four to five weeks, adding he would during this period submit plans for raising the money for refunding the flat buyers. He argued that Chandra cannot raise the money required both for refunds and completing the ongoing projects without coming out.