Good judgment by SC...Earlier these real estate moghuls were delinquent in terms of delivery of property but also were fleecing the investors..Now they have got a good lesson...We hope with RERA in place we have better governance model in place in the real estate Companies!
Bail to Unitech MD only after firm deposits ₹750 crore: SC
PRESS TRUST OF INDIA New Delhi, October 31, 2017
Money will facilitate refunds to homebuyers, says court
The Supreme Court on Monday said that it will consider granting bail to Unitech Ltd. managing director Sanjay Chandra only after the embattled real estate firm deposits ₹750 crore by December end.
A Bench headed by Chief Justice Dipak Misra said the money, to be deposited in the apex court registry, will be used in facilitating refund to the homebuyers who want their money back.
The SC has fixed the matter for hearing in the second week of January.
The Bench, also comprising justices A. M. Khanwilkar and D. Y. Chandrachud, asked the authorities of Tihar jail, where Mr. Chandra is lodged, to facilitate his meeting with company officials, financiers and lawyers so that he could arrange the money for refunding the homebuyers as well as for completing the ongoing housing projects.
Advocate Pawan Shree Aggarwal, assisting the court as an amicus curiae, told the Bench that the real estate firm needed around ₹2,000 crore to refund money to home buyers as well as completing the ongoing projects.
‘Need some time’
The SC had earlier directed the amicus curiae to create a website where homebuyers could upload their details and claim flat or refund from the company.
Senior advocate Ranjit Kumar, appearing for Mr. Chandra, told the court that they have given a plan for refund of money and completion of projects and they needed some time to do it.
http://www.thehindu.com/news/cities...irm-deposits-750-crore-sc/article19952624.ece
Bail to Unitech MD only after firm deposits ₹750 crore: SC
PRESS TRUST OF INDIA New Delhi, October 31, 2017
Money will facilitate refunds to homebuyers, says court
The Supreme Court on Monday said that it will consider granting bail to Unitech Ltd. managing director Sanjay Chandra only after the embattled real estate firm deposits ₹750 crore by December end.
A Bench headed by Chief Justice Dipak Misra said the money, to be deposited in the apex court registry, will be used in facilitating refund to the homebuyers who want their money back.
The SC has fixed the matter for hearing in the second week of January.
The Bench, also comprising justices A. M. Khanwilkar and D. Y. Chandrachud, asked the authorities of Tihar jail, where Mr. Chandra is lodged, to facilitate his meeting with company officials, financiers and lawyers so that he could arrange the money for refunding the homebuyers as well as for completing the ongoing housing projects.
Advocate Pawan Shree Aggarwal, assisting the court as an amicus curiae, told the Bench that the real estate firm needed around ₹2,000 crore to refund money to home buyers as well as completing the ongoing projects.
‘Need some time’
The SC had earlier directed the amicus curiae to create a website where homebuyers could upload their details and claim flat or refund from the company.
Senior advocate Ranjit Kumar, appearing for Mr. Chandra, told the court that they have given a plan for refund of money and completion of projects and they needed some time to do it.
http://www.thehindu.com/news/cities...irm-deposits-750-crore-sc/article19952624.ece
