SC denies bail to Unitech promoter Sanjay Chandra

New Delhi: The Supreme Court on Monday denied bail to Unitech's Sanjay Chandra and asked the real estate firm to deposit Rs 1,000 crore to prove its bonafides.

Refusing the bail plea, a bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud suggested that the partially complete flats of Unitech spread over its 64 projects across the country be auctioned.

The suggestion came after senior counsel Ranjit Kumar told the court the company could sell the flats in the 64 projects to raise money to refund the flat buyers.

At the outset of the hearing, the amicus curiae Pawanshri Agrawal told the court that Rs 1,865 crore was needed to pay the flat buyers who want refunds.

Ranjit Kumar, appearing for Unitech, urged that Chandra be granted bail for four to five weeks, adding he would during this period submit plans for raising the money for refunding the flat buyers.