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

The Hindu Business Line - - NEWS -

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, San­jay Chan­dra

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.

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