Real Estate

Unitech MD to get bail only after firm deposits ₹750 cr: Supreme Court

Press Trust of India New Delhi | Updated on January 09, 2018

The Supreme Court on Monday said that it will consider granting bail to Unitech Ltd Managing Director Sanjay Chandra after the embattled real estate firm deposits ₹750 crore by December-end.

A Bench headed by Chief Justice Dipak Misra said the money, to be deposited in the apex court registry, will be used to facilitate refund to home buyers who want their money back.

The Bench, also comprising justices AM Khanwilkar and DY Chandrachud, asked the authorities of Tihar jail, where Chandra is presently lodged, to facilitate his meeting with his company officials, financiers and lawyers so that he could arrange the money for refunding the home buyers as well as for completing the ongoing housing projects.

Advocate Pawan Shree Aggarwal, assisting the court as an amicus curiae in the matter, told the Bench that the real estate firm needed around ₹2,000 crore to refund money to home buyers as well as completing the ongoing projects.

Senior advocate Ranjit Kumar, appearing for Chandra, told the court that they have given a plan for refund of money and completion of projects and they needed some time to do it.

The apex court has fixed the matter for hearing in the second week of January and granted liberty to Chandra to mention the matter for grant of bail after depositing ₹750 crore in the apex court registry.

Published on October 30, 2017

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