Unitech owes around Rs 5,085 crore, which includes buyers who have opted for a refund along with those who want possession of their flats," Agrawal said. "Unless he is allowed to come out of jail, the recovery becomes difficult.
The Supreme Court on Monday denied bail to Unitech managing director Sanjay Chandra, saying that he would have to prove his bona fides by depositing at least Rs 1,000 crore, which could be used to refund home buyers. It also indicated that it was considering auctioning the flats for the refund.
According to a submission by amicus curiae Pawan Agrawal, around 4,688 home buyers are claiming refunds from Unitech, the amount of which comes to Rs1,865 crore. These figures, Agrawal said, were based on entries submitted by the buyers on the designated website created to keep track of their status and that of the various projects of the real estate firm.
Unitech owes around Rs 5,085 crore, which includes buyers who have opted for a refund along with those who want possession of their flats," Agrawal said. "Unless he is allowed to come out of jail, the recovery becomes difficult.
Allow him to come out for a month, when the court may appoint lawyers to monitor the recovery process," former solicitor general Ranjit Kumar said while seeking bail for the jailed MD.
The bench, comprising Chief Justice of India Dipak Misra, refuted the submission. In September, the court awarded 39 of them compensation of Rs80,000 each, towards litigation costs and mental agony. The buyers approached the court when Unitech failed to deliver the promised homes in Vista in Sector 70, Gurgaon, in time.
Bail denied
- Home buyers had approached the NCDRC after the firm failed to give them possession of flats.
- The forum directed Unitech to refund the money to the home buyers with interest.
- In September, the SC awarded 39 homebuyers compensation to the tune of Rs80,000 each.
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