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Supreme Court rejects bail plea to Unitech promoters

Jailed Unitech Managing Director Sanjay Chandra on Thursday promised to “save” the distressed homebuyers who have invested in his projects if he is allowed bail and “put in his office” for six months, but the Supreme Court remained unimpressed.

The court was informed that of a total 74 projects, flats have been delivered in only 13.

According to statistics provided by the SC’s amicus curiae and advocate Pawanshree Aggrawal to a Bench led by Chief Justice of India Dipak Misra, 16,300 homebuyers who have invested a total of Rs 7,816 crore in the remaining 61 projects are in dire straits. The 61 projects involve 23,935 flats.

Mr. Chandra’s lawyers repeatedly pleaded that he can “save” the homebuyers if he is released on bail. His lawyers even went to the extent of telling the Bench that he could be put back in prison if he failed to do so in six months’ time.

“If you cannot sell your properties to pay them [homebuyers] back, we will auction your properties,” Chief Justice Misra responded.

The court asked the homebuyers to register their claims for either a refund or flats on a website which will go online from September 22. The claimants have been given three weeks’ time. The website will be monitored by Mr. Aggrawal, who will analyse the data received and convey it to the court in a report.

The court was considering the plea for bail of jailed Unitech promoters Sanjay Chandra and Ajay Chandra in a case of alleged forgery lodged by home buyers of its Gurugram-based housing project.

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