Supreme Court allows release of funds to finish 514 Unitech flats

The Supreme Court on Tuesday refused to release Unitech’s directors Sanjay Chandra and Ajay Chandra on bail but allowed release of funds from its registry to complete the construction of 514 unfinished flats in five projects undertaken by the company.

The Supreme Court on Tuesday refused to release Unitech’s directors Sanjay Chandra and Ajay Chandra on bail but allowed release of funds from its registry to complete the construction of 514 unfinished flats in five projects undertaken by the company.

The Supreme Court directed its registry to prepare a draft of Rs 21 crore to be deposited in Unitech’s Escrow Account in a private bank. (Sonu Mehta/HT File Photo)

“Let the money come first,” a bench led by Chief Justice Dipak Misra told senior advocate Ranjit Kumar, who said his clients were in jail since September last. The two brothers were arrested in connection with a cheating case registered against them. The court said it would take up the plea on September 19.

Advocate Pawan Shree Agarwal, who is assisting the bench in the matter, told the bench that the court-appointed committee — headed by former Delhi High Court judge Justice SN Dhingra — had ascertained the funds required by Unitech to complete 541 flats.

Agarwal said although the company wanted Rs 25 crore, the committee had evaluated the cost at Rs 21 crore. He handed over a list of towers, which included three in Gurgaon’s Vistas project, one each in Greater Noida’s Horizon and Verve and one in Noida’s Unihomes.

On his suggestion, the court directed the SC registry to prepare a draft of Rs 21 crore to be deposited in Unitech’s Escrow Account in a private bank.