16,300 BUYERS’ TEARS ARE MORE IMPORTANT THAN BUILDER’S: SC

NEW DELHI:

The Supreme Court rejectedonThursdaytheinterim bail plea of Sanjay Chandra, the managing director of real estate developerUnitech,givingprominencetohomebuyers’tearsover the jailed builder’s freedom.

Chandrawasalsowarnedthat acourtreceiverwillbeappointed andUnitechprojectsauctionedif the company fails to deliver flats or pay those buyers seeking a refund.

“We have to balance between the tears of 16,300 homebuyers and one person’s tears and freedom,”abenchledbyChiefjustice Dipak Mishra said, rejecting Chandra’s bail plea for the third time in a month.

The court also asked homebuyerstoregistertheirclaimsfor refundorflatswithinthreeweeks onthewebsite,www.amicusunitech.in. Advocate Pawanshree Aggrawal, the amicus curiae in the case, informed the court that Unitech has yet to deliver 16,299 flats worth ~7,816 crore to investors.He said the website for Unitech homebuyers will be operating from Friday.

ThecourtsetOctober23asthe next date of hearing.

Chandra requested the court tosethimfreeforsixmonthsand promisedtobuildtheflatsduring thatperiodandmobilise funds to pay back the homebuyers wishing to opt out.

“Chandra needs breathing time and his money is stuck in land in which the Unitech projects had come up,” his counsel, Abhimanyu Bhandari, said.

The Unitech chief and his brother,AjayChandra,areinjail for allegedly cheating 158 homebuyersofthecompany’sprojects, Wild Flower Country and Anthea, in Gurgaon.