SC asks Parsvnath to deposit Rs12 crore with court in four weeks

The apex court refuses to stay NCDRC’s order asking Parsvnath to refund money paid by 70 buyers within four months


The company’s Exotica project in Ghaziabad hit a roadblock after the Ghaziabad Development Authority quashed a revised plan of construction. 
Photo: Ramesh Pathania/Mint
The company’s Exotica project in Ghaziabad hit a roadblock after the Ghaziabad Development Authority quashed a revised plan of construction. Photo: Ramesh Pathania/Mint

New Delhi: The Supreme Court on Thursday asked Parsvnath Developers to deposit Rs.12 crore with the court’s registry in four weeks.

The court’s order comes in a case where the real estate developer appealed against a consumer forum ruling on compensating homebuyers who were not delivered their flats yet.

The company’s Exotica project in Ghaziabad hit a roadblock after the Ghaziabad Development Authority (GDA) quashed a revised plan of construction.

A bench comprising justices Dipak Misra and C. Nagappan also declined to pass any order asking GDA to reconsider the issue.

On 6 May, National Consumer Disputes Redressal Commission (NCDRC) had asked Parsvnath to refund within four weeks money paid by 70 flat buyers of its Exotica project in Ghaziabad with an interest of 12%. The apex court on Friday refused to stay the consumer forum’s order and asked the developer to deposit the money with the court.

In an earlier hearing, Parsvnath Developers told the court that it will take another year to complete the project.

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