On Monday, Supreme Court rejects the bail application of real estate developer Unitech’s Managing Director Sanjay Chandra and was asked to deposit of Rs. 1,000 crore to prove its bonafides.
Senior Counsel Ranjit Kumar, appearing for Unitech, suggested that the company could sell the flats in the 64 projects to raise money to refund the flat buyers. Amicus curiae (court’s advisor) Pawan Shree Agrawal told the court that Rs. 1,865 crore was needed to pay the flat buyers who want refunds.
Ranjit Kumar requested that the bail be granted for Chandra in order to submit plans for raising the money for refunding the flat buyers. He argued that Mr Chandra cannot raise the money required both for refunds and completing the ongoing projects without coming out.
Mr Chandra and his brother Ajay were arrested in April 2017 after flat buyers who did not get their flats as promised filed complaints of cheating against them.
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