SC refuses to entertain Unitech MD Chandra’s bail plea yet again

Satya Prakash

Tribune News Service

New Delhi, October 23 

The Supreme Court on Monday refused to entertain the bail plea of Unitech Managing Director Sanjay Chandra and asked his company to deposit Rs 1,000 crore to prove its bona fides. 

A Bench headed by Chief Justice of India Dipak Misra suggested that the partially-complete flats of the real estate major spread over its 64 projects across the country be auctioned. 

This is the fourth time that the Bench has ignored his bail plea. Earlier, it had rejected his bail plea on September 8, 15 and 21. 

Amicus curiae Pawanshri Agrawal told the Bench Rs 1,865 crore was needed to refund the homebuyers’ money. 

On behalf of Chandra, former Solicitor General Ranjit Kumar submitted that the company could sell the flats in the 64 projects to raise money to refund the flat buyers.

Kumar, however, insisted that Chandra should be given at least four-week interim bail for the purpose. 

Kumar said during this period, Chandra would prepare a proper plan for raising the money needed to pay back the homebuyers.

Unless he was released from jail he would not be in a position to raise the money needed for refunds and completing the projects, Kumar submitted. 

Sanjay Chandra and his brother Ajay Chandra were arrested by the Economic Offences Wing of Delhi Police on April 1, 2017, on complaints of cheating filed by homebuyers against them. 

The Delhi High Court had on August 11 refused to grant interim bail to them. They have challenged the HC’s order before the top court. 

The Supreme Court had on September 21 asked Unitech flat buyers to spell out if they wanted their “dream home” or refund of their hard-earned money even as it turned down interim bail plea of its Managing Director Sanjay Chandra yet again. 

CJI Misra had emphasised the need to strike a balance between “one person’s bail” and “tears of 16,299 flat buyers”.

“When you (Chandra) will care for the tears of these people, who are your people, your buyers, you will be a free bird,” the Bench had said. 

While asking homebuyers to submit their option to the amicus curiae by October 23, the Bench had made it clear that Unitech will have to either give possession of flats to the buyers or pay back their money; otherwise its properties would be auctioned to pay the investors. 

The amicus curiae had earlier told the Bench that the flats had been handed over to buyers in only 13 out of the 74 projects and 16,300 buyers in the remaining 61 projects were still waiting for it. The worth of 16,300 flats would be around Rs 7,816 crore, he had said. 

The amicus curiae has created a portal where the homebuyers could upload their details to claim flats or refund from the company. 

Five buyers of the Unitech’s Anthea Floors Wildflower Country project led by some Delhi residents had filed a complaint for registration of FIR against the company in 2015.

Later, 90 more complaints were lodged against the company for the same project. These 90 complaints were clubbed with the FIR.