SC asks Unitech to deposit Rs 750 crore by December-end

The Supreme Court on Monday asked Unitech to deposit Rs 750 crore by the end of December to pay apartment buyers who have demanded refunds worth Rs 1,865 crore. The Supreme Court, again refusing to grant bail to Unitech managing director Sanjay Chandra, said it will consider granting bail to Chandra only after the money is deposited in the Supreme Court’s registry. Amicus curiae Pawan Shree Agrawal told the court that Unitech will need around Rs 2,000 crore to refund or allot flats to all the home buyers. The bench also asked other courts to refrain from taking coercive action against Unitech or Chandra based on complaints filed by home buyers. It said the case will only be heard by the Supreme Court. Chief Justice Dipak Misra had earlier asked buyers to specify whether they wanted to seek possession of property or a refund of their money. On October 23, he had told the court that the company owes over Rs 7,800 crore to 16,300 home buyers across 61 projects. The top court had said that Chandra will have to deposit at least Rs 1,000 crore to be released on bail. Early last month, the Supreme Court had assured home buyers that it will ensure relief according to their choice - getting the money back or allotment of a flat. Unitech has already deposited a total of Rs 20 crore, as directed by the court in earlier orders.