Supreme Court
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In a recent hearing, the Supreme Court rejected the bail plea of the Unitech promoters Sanjay Chandra and Ajay Chandra in a case penetrating to siphoning off the home-buyers’ money.

A bench of two judges, Justice D Y Chandrachud and Hemant Gupta denied bail to the promoters on the ground of not acting according to the orders passed on 30th October, 2017 that directed the promoter duo to deposit Rs. 750 crores with the apex court registry.

Both the promoters are locked in Tihar jail for nearly two years and they sought bail on the basis of complying with the apex court orders and have deposited more than Rs. 400 crores.

Earlier, the apex court ordered that the bail will be granted to two promoters of Unitech group only after they deposit Rs. 750 crores with the registry.

The jail authorities were directed to arrange Chandra’s meeting with his company officials and lawyers in so that he can manage funds to refund the same to home buyers and also for completion of the ongoing residential projects.

The court also directed the jail authorities to facilitate meetings within the normal visiting hours according to the rules and regulations.

In the order the court said, “the jail authorities shall also arrange a place where the petitioners will be in a position to negotiate,” it said, while asking them to “make the video conferencing facility available to the petitioners within the visiting hours so that they shall be in a position to negotiate”.

The Supreme Court however clearly said that Chandra was only permitted to negotiate for company’s unencumbered properties. The court was also informed that the total refundable amount to the homebuyers is estimated to be of Rs. 2,000 crores and some of the buyers seek possession of their flats.

The company has to refund amount to exactly 4, 700 buyers.