The Supreme Court on Monday declined to accept the bail request of Unitech’s promoter Sanjay Chandra and directed the real estate company to submit Rs 1,000 crore to demonstrate its bonafides.
Declining the bail application, bench including Chief Justice Dipak Misra, Justice DY Chandrachud Justice AM Khanwilkar proposed that the incomplete flats of the real estate company in its 64 residential projects across the nation be auctioned.
Senior counsel Ranjit Kumar told the apex court that the organization could offer the flats in the 64 projects to raise funds to refund the flat purchasers.
When the hearing started, Pawanshri Agrawal, the amicus curiae told the court that Rs 1,865 crore was required to pay the flat purchasers who seek refunds.
Advocate Ranjit Kumar, representing Unitech, asked that bail should be granted to Chandra for 4-5 weeks, including that he would submit his plans for raising funds to return money to the flat purchasers.
He also contended that Chandra can’t raise the amount required for both refund and finishing the pending projects from the jail.