SC asks Unitech promoter to deposit substantial amount to get out of jail

The Supreme Court on Monday asked Unitech promoter Sanjay Chandra to show his bona fide by depositing a substantial amount if he wants to come out of jail in connection with the Unitech case. The real estate company must refund approximately Rs 1,800 crore to 4,688 home buyers who want their money back, lawyer told the Apex court.

A three-judge bench of the Apex Court, headed by Chief Justice Dipak Misra and comprising Justices D Y Chandrachud and A M Khanwilkar, was hearing the arguments from several home buyers and Chandra. Former Solicitor General Ranjeet Kumar on Monday appeared for Unitech. "Being in jail, how can I sell," Kumar told the Apex court and sought bail for Chandra. "Unless I come out, I am not in a position to manage," he argued. Kumar further pleaded to the Top Court for bail and told please give me four weeks time so that I can come out and arrange money.

The Apex Court fixed the matter for further hearing to October 30. This is the Unitech case where home buyers did not get possession at the right time assured by the real estate company, which forced them to approach the Apex Court for relief and a direction to the real estate company. After not getting the flats on time, 39 home buyers had knocked the doors of the Apex Court seeking a direction to the real estate company for getting refund of their hard earned money.