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SC directs Unitech to refund buyers or allot flats

The Supreme Court directed Unitech group to settle claims of every creditor. The order directed towards managing director of Unitech, Sanjay Chandra stipulated a deadline of March 31, 2018 to either refund money of homebuyers or to hand-over the possession to such buyers.
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The Supreme Court directed Unitech group to settle claims of every creditor. The order directed towards managing director of Unitech, Sanjay Chandra stipulated a deadline of March 31, 2018 to either refund money of homebuyers or to hand-over the possession to such buyers.

The bench headed by Chief Justice of India Dipak Misra and Justices AM Khanwilkar and DY Chandrachud stated- “You (Chandra) have to pay back money or allot flats or plots to all investors by the end of this financial year. We do not know from where you will arrange the money. But you have to do it for all projects of Unitech.”

The bench has appointed amicus curiae Advocate Pawan Shree Agarwal to represent the interest of creditors. The legal representative shall also compile project wise details of the money that has been received by Unitech for its different housing projects.

The bench also asked all homebuyers to furnish their choice of flat, plot or refund on an affidavit and submit it to the amicus curiae to help them to compile data for the court.

Unitech’s counsel contended that Unitech has complied with the conditions imposed on it by the court and that sum of total ₹ 20 crore has been deposited. The counsel pleaded for interim bail of Sanjay Chandra.

The counsel further added, “My client wants to settle with each and every home buyer but for that, he needs to go to his office to work out a detailed plan.” Sanjay Chandra has been arrested on the basis of the complaint made by 158 home buyers of Unitech project.

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Reviewed by:
Simran Bhullar
Published on 11-Sep-17
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