Unitech case: Supreme Court denies bail to promoters

New Delhi: The Supreme Court on Thursday refused to grant bail to Unitech’s managing director Sanjay Chandra, observing that the tears of 16,300 homebuyers should be addressed first before considering the liberty of the individual.

A three-judge bench of Chief Justice Dipak Misra and Justices Amitav Roy and A.M. Kanwilkar, after taking note of the submissions of amicus curiae Pawan Shree Aggarwal that 16,300 homebuyers were yet to get possession of the flats and that they had paid Rs 7,816 crores, indicated that they would appoint a receiver to auction the flats which are ready to realise the amount.

When Abhimanyu Bhandari, counsel for Sanjay Chandra, pleaded for interim bail to enable completion of pending projects and sale of flats for realising the amount, the bench said, “We have to equate tears of 16,300 home buyers to one person’s freedom and liberty. Bail jurisprudence can’t be applied in this case because there are 16,300 people waiting for their flats or their money.” Counsel said his client was the only builder in jail whereas other builders are roaming free. The CJI quipped, “When homebuyers get their money or flats, you ( Sanjay Chandra) can be a free bird.”

The bench said those who want flats or refund of their money of Unitech projects could log in to www.amicusunitech.in and exercise their option within three weeks. The website maintained by the amicus lawyer will be operational from Friday.

Earlier, the amicus informed the court that the flats have been handed over to the buyers in 13 out of the 74 projects and in the remaining 61 projects, there were as many as 16,300 buyers. Mr Aggarwal said the amount involved in these 16,300 flats was around Rs 7,816 crore.

The counsel for Mr Chandra made fervent plea to the bench to give them six months to enable them give the flats to the buyers and also pay back those who wanted their money back.

“I want to say there is a clear solution to this. I am giving you a solution so that the issue will be solved within one year. My solution will save everybody,” the counsel said, adding, “I need some breathing time”.

“I must appreciate the innovative brilliance. We are giving you the solution. Where the homebuyers do not want flat and want money, we will appoint court observer and the flat would be auctioned and money will come,” CJI Misra said.

Mr Chandra and his brothers were sent to judicial custody the trial court refused to extend the three months interim bail granted to them in April.