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Unitech MD can be bailed out. But On What Condition?

RTIwala Explains: The Supreme Court has said that it will consider granting bail to Unitech Ltd Managing Director Sanjay Chandra. This decision has come over after the embattled real estate firm will deposit Rs 750 crore by December end. The Bench was headed by Chief Justice Dipak Misra. Justice Misra said that the money that will be deposited in the apex court registry, will be used in facilitating refund to the home buyers who want their money back. The Bench also comprised of justices A. M. Khanwilkar and D. Y. Chandrachud. The Bench asked the authorities of Tihar jail, where Mr. Sanjay is lodged, to facilitate his meeting with company officials, financiers, and lawyers. This is essential so that he can arrange the money for refunding the homebuyers as well as for completing the ongoing housing projects.The Supreme Court has also fixed the matter for hearing in the second week of January.

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What Happened in the Courtroom to the Unitech MD Sanjay Chandra?

Rw Explains The Unitech Chaos
(Image Source: Wikipedia)

Advocate Pawan Shree Aggarwal, who is assisting the court as an amicus curiae, told the Bench that the real estate firm needed around Rs. 2,000 crores to refund money to home buyers as well as completing the ongoing projects. Senior advocate Ranjit Kumar, who is appearing for Sanjay, told the court that they have a plan for the refund of money and completion of projects and they needed some time for the execution. 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 Rs 750 crore in the apex court Registry.

The Supreme Court had on October 23 asked the jailed Unitech Ltd MD to establish his bonafide by depositing at least Rs 1,000 crore. Sanjay is seeking an interim bail from the apex court after the Delhi High Court on August 11 had rejected the plea in a criminal case. The case was lodged in 2015 by 158 home buyers of Unitech projects’ –‘Wild Flower Country’ and ‘Anthea Project’–situated in Gurugram.

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The Supreme Court had on September 1 said that although it is absolutely conscious that it is dealing with an application for bail. But the consumers who have invested their money in various projects undertaken by the petitioners cannot be allowed to lurch in the dark. Their problem has to be solved.” It had said that settlement of the problem can take place in the following two ways:-

Rw Explains The Unitech Chaos
(Image Source: Wikipedia)
  • the consumers who are inclined to take possession of the flats can opt for the same;
  • Those who wanted their money back shall get the amount along with interest.

(Inputs by Gehna Kundra)

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