“Parsvnath Developers” is a recognized name and has been a favored company in the industry from a long time. A lot many residential and commercial projects have been completed under the company’s prestigious name. However, the company has been facing some problem lately. The delay in handing over the possession has led to Parvnath Developers case. Here are the particulars of the case in detail:
Being in a debt of whooping RS 400 crore, Parsvnath Developers, the Real Estate Firm has given its words to Supreme Court that they will handover flats in Ghaziabad to their respective owners within a year.
Justice Dipak Mishra is hearing the company’s appeal against a National Consumer Disputes Redressal Commission (NCDRC) which has given the orders of refunding money to their 70 investor who invested in Parsvnath Exotica housing project.
In defense of this issued statement, advocate Dushyant Dave pleaded the court for pulling back this refund order by giving an assurance of allotting all flats within a year as company is in serious financial crisis.
The Justice panel however refused because the matter was listed before the court for deciding an application by the flat buyers. Further the justice panel gave the date of 15 September to Dave who argued on court’s statement of refunding the money.
Dave also requested for Supreme Court’s helping hand in order to solve the dispute with Ghaziabad development authority who denied the revised plan presented by Parsvnath and further cancelled the project in 2015.
Dave stated that the company will follow the initial plan with the help of Court in which 854 flats were constructed with 818 bookings in total.
Court also gave some spared time of handing over 50 flats in Panchkula, Haryana by November end to DLF which faced the same issue. Parsvnath Developer’s case has cost a lot to the company’s reputation. It is now to be seen what the company will do it get back its position and prestige.
Being in a debt of whooping RS 400 crore, Parsvnath Developers, the Real Estate Firm has given its words to Supreme Court that they will handover flats in Ghaziabad to their respective owners within a year.
Justice Dipak Mishra is hearing the company’s appeal against a National Consumer Disputes Redressal Commission (NCDRC) which has given the orders of refunding money to their 70 investor who invested in Parsvnath Exotica housing project.
In defense of this issued statement, advocate Dushyant Dave pleaded the court for pulling back this refund order by giving an assurance of allotting all flats within a year as company is in serious financial crisis.
The Justice panel however refused because the matter was listed before the court for deciding an application by the flat buyers. Further the justice panel gave the date of 15 September to Dave who argued on court’s statement of refunding the money.
Dave also requested for Supreme Court’s helping hand in order to solve the dispute with Ghaziabad development authority who denied the revised plan presented by Parsvnath and further cancelled the project in 2015.
Dave stated that the company will follow the initial plan with the help of Court in which 854 flats were constructed with 818 bookings in total.
Court also gave some spared time of handing over 50 flats in Panchkula, Haryana by November end to DLF which faced the same issue. Parsvnath Developer’s case has cost a lot to the company’s reputation. It is now to be seen what the company will do it get back its position and prestige.