Business India

Deposit another Rs 5 cr, SC tells Unitech

The Supreme Court on Friday asked real estate major Unitech’s Managing Director Sanjay Chandra to deposit another Rs 5 crore as it said that his bail plea would be considered on September 8.

The bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar, and Justice D.Y. Chandrachud noted that Rs 15 crore, as directed in the last hearing on August 24, has been deposited with the top court registry.

Saying that the question of bail would be considered on Friday, the bench, however, indicated that it would grant Chandra only interim bail limited to a certain period.

The court said that the money deposited with the top court registry would be disbursed amongst the 158 flat buyers of Antha project in Gurgaon on pro rata basis.

It also asked senior counsel M.L. Lahoty to submit a list of 125 flat buyers of the Vistas, Burgundy and Amber projects who are yet to get possession of their flats on “as on where is” basis.

The court said that the list would be submitted to the authorised agent of the builder and be verified by Wednesday so that it can be taken up for decision on September 8.

Mentioning that the 125 flat buyers will have to pay the outstanding payment as per the agreement, it said that the issuance of occupancy certificate for these flats would be considered later.

Chandra, who had sought an interim bail for three months, had earlier told the court that he would sell his house to settle the dues of the flat buyers seeking refunds.

Chandra and his brother Ajay were arrested in April this year after investors, who did not get their flats as promised, filed complaints of cheating against them.

Both of them were sent to judicial custody last week after a trial court refused to extend the three months’ interim bail granted to them in April.

The Delhi High Court too refused to extend the interim bail that came to end on August 10.

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