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SC refuses bail to Unitech's Sanjay Chandra, asks to prove bona fide first

Refusing the bail plea, bench suggested that the partially complete flats spread over its 64 projects across the country be auctioned

IANS  |  New Delhi 

SC directs real estate firm Unitech to pay back investors Rs 15 crore
Representative image

The on Monday refused to entertain the bail plea of Unitech's 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 A.M. Khanwilkar and Justice D.Y. Chandrachud suggested to 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.

First Published: Mon, October 23 2017. 16:42 IST