SC directs Parsvnath Developers to deposit Rs. 22 crore to flat buyers


Parsvnath Developers said that with reference to the matter listed with the Supreme Court i.e., October 18, 2016 regarding customer complaints in the Project – “Parsvnath Exotica”, Ghaziabad being implemented by the Company’s subsidiary viz., Parsvnath Buildwell Pvt Ltd. (PBPL).

As per the directions of the Supreme Court in its order dated 15th September 2015, PBPL had deposited the amount of Rs. 12 Crores in the Registry of the Court. PBPL once again emphasized before the Court  that they  are ready and willing to complete the construction of Project by December, 2017 (the towers of which are in its advanced stage of construction), subject to revalidation of the building plans by Ghaziabad Development Authority (GDA).

The Counsel for Parsvnath Buildwell Pvt Ltd. submitted to the Bench that the Landowners/Collaborators be directed to refund to customers its part of share as per the Development Agreement. Therefore, the Notice should also be issued to the Landowners/Collaborators.

Upon submissions of counsel for PBPL, the Bench was pleased to issue Dasti notice to the Landowners/Collaborators. However, the Court has directed PBPL to deposit the remaining principal amount, i.e. Rs. 10 Crores by 10.12.2016 in the Registry of Supreme Court.

The Bench has also directed that the amount so deposited in the Registry of Court shall be disbursed to the customers on a pro-rata basis after suitable verification.


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One thought on “SC directs Parsvnath Developers to deposit Rs. 22 crore to flat buyers


    Issue of ‘Dasti’ Notice as ordered by the Court calls for a conscious note to be taken of. To be precise,the scope for a similar remedy against, besides the promoters / vendors, owners of land/ joint developers as well, under a JDA, in terms of the RERA if and after it has come into full force and enforced, needs a special scrutiny.

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