SC orders Unitech to deposit Rs. 750 crore by year end

The Supreme Court on Monday ordered the real estate major, Unitech to deposit an amount of Rs. 750 crore before the Court.

The Supreme Court ordered that the registry of the amount be done by December end, to ensure refund to its home buyers.

The Apex Court will hear the matter next in second week of January.

Earlier on October 23, the Supreme Court directed the Unitech Managing Director Sanjay Chandra to produce a bonafide by depositing a substantial amount if he wishes to come out of jail.

The top court is hearing various project-related matters involving Unitech after several home buyers knocked at its door, seeking a direction to be given to the real estate major for getting timely possession and compensation for their flats.

The three-judge bench, headed by Chief Justice of India (CJI) Dipak Misra, had also directed the real estate company to file a detailed list of home buyers who want possession of their flats in Unitech group projects and those seeking a refund of their money.

Chandra is accused of duping buyers who had booked flats in his real-estate project in Greater Noida. Additionally, he has also been accused of fraudulently taking money from his clients and parking it in a shell company, thereby laundering it abroad.

-ANI