Published On: Tue, Feb 28th, 2017

Pradeep Jain and 10 other directors of Parsvnath Developers restrained from leaving the country

law

By Accommodation Times Bureau

 

The Delhi high court has compelled Pradeep Jain, chairman of Parsvnath Developers Limited and other 10 directors from the firm from leaving of the country under the case for delay in delivery of Paramount project.  The complaint was registered by the Paramount Residents Welfare Association to the Delhi High Court on February 22nd and as directed by the investigating officer (IO), the accused are restrained from leaving out off the country. The decision will be put forward in next hearing which is scheduled for March 24th, 2017.

The supposed proposal of 84 luxury three and four bedrooms apartments of Paramount projects was given to Parsvnath Developers by the Delhi Metro Rail Corporation Ltd (DMRC) in 2005. The project’s deadline was within 5 years, but the builder applied for a two year extension to DMRC in 2011 but the possession of the flats is still not given to the flat-owners.

In this supposedly scam, the builder has almost collected 90% of the amount from the flat-owners, summing up to a cumulative amount of Rs. 100 crore.  A plea has also been registered to the NCDRC regarding the same.

 

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