SC denies bail to Unitech MD Sanjay Chandra

NEW DELHI: The Supreme Court has refused interim bail to Unitech MD Sanjay Chandra, but hinted he may be released on bail once the real estate entrepreneur provided a preliminary assessment of total liabilities on condition that he make periodic payments to aggrieved homebuyers.

Athree-judge bench, led by Chief Justice of India Dipak Misra, on Friday appointed advocate Pawanshree Aggrawal as the amicus curiae to provide details of all the liabilities of Unitech so far, after shrugging off Chandra’s plea that he would not be able to pay any more of his dues if he was not released from judicial custody and allowed to get back to work. The bench hinted it may then set Chandra free on interim bail so he can make periodic repayments of dues as with Sahara chief Subrata Roy.

Unitech has defaulted in handing over several residential projects in Delhi-NCR. Sanjay Chandra and his brother Ajay Chandra are in judicial custody in connection with a cheating case filed by some Gurgaon homebuyers. “I have proved my bona fides by depositing money in the last three months,” Chandra told the Supreme Court bench on Friday through his lawyer Abhimanyu Bhandari. “I can’t pay any more if I do not go back to my office and work. I have a huge land bank, but sales have been zero in the last one year. Those who have to pay me are not paying,” he said.

“Grant me interim bail so that I can raise the money. I will pay everybody. It takes time to monetise (assets),” he said. “I will submit a comprehensive plan of action as per which all the dues to homebuyers will be cleared in two years.”

But the bench did not relent. “You have to pay flats or money by the end of this financial year,” the CJI said, hinting that homebuyers have the option of choosing whether they want money back or their plots.