The Supreme Court on Monday denied bail to Unitech managing director Sanjay Chandra, saying that he would have to prove his bona fides by depositing at least Rs 1,000 crore, which could be used to refund home buyers. According to a submission by amicus curiae Pawan Agrawal, around 4,688 home buyers are claiming refunds from Unitech, the amount of which comes to Rs1,865 crore. Unitech owes around Rs 5,085 crore, which includes buyers who have opted for a refund along with those who want possession of their flats," Agrawal said. In September, the court awarded 39 of them compensation of Rs80,000 each, towards litigation costs and mental agony. The buyers approached the court when Unitech failed to deliver the promised homes in Vista in Sector 70, Gurgaon, in time.

Source: dna October 24, 2017 01:41 UTC