Unitech Case: Supreme Court Orders Withdrawal Of Special Facilities To Jailed Promoters

The Supreme Court on Thursday ordered a withdrawal of special facilities given to beleaguered real estate company Unitech's promoters Sanjay Chandra and Ajay Chandra, news agency ANI reported. Both have been lodged in Delhi's Tihar Jail since August 9, 2017. The matter relates to alleged siphoning of home-buyers' money by the property developer. The top court had in January this year rejected the bail plea of the jailed directors, stating that Sanjay did not deposit Rs 750 crore with its registry as per an earlier order.

The top court was informed earlier that out of the total of around 16,000 home-buyers affected in the case, around 9,390 sought either a refund from the developer or possession of flat. Around 4,700 buyers wanted a refund, the court was told.

The Supreme Court had in October 2017 ordered the real estate developer to deposit Rs. 750 crore with the court's registry.

The top court had directed the jail authorities to facilitate Sanjay Chandra's meetings with his company officials and lawyers in order to arrange the money. Sanjay Chandra was only entitled to negotiate in respect of unencumbered properties or assets of the group.

In a separate case, Hyderabad High Court in October last year directed the Telangana government and Telangana State Industrial and Infrastructure Corporation to pay over Rs 660 crore to Unitech towards principal and interest in a case related to a land development project in 2008.