Supreme Court Orders Parsvnath To Deposit Rs. 12 Crore Within 4 Weeks

Mangalore Today News Network

Sep 15, 2016: The Supreme Court on Thursday asked real estate developer Parsvnath Buildwell to deposit Rs. 12 crore with the court as it hears its appeal against the consumer court order in its "Exotica" project in Ghaziabad. The money has to be deposited within four weeks.

 

The top court refused to grant any relief to Parsvnath, which had challenged a consumer court’s order asking the developer to refund money to 70 buyers whose flats have not been delivered yet.

Parsvnath had earlier told the court that it would not be able to pay the amount as it would lead to a rush of customers wanting their money back.

Last month, the consumer court had directed the company to refund money with interest to 70 flat buyers.

Parsvnath’s Exotica project hit a roadblock after the Ghaziabad Development Authority cancelled its revised plan of construction. In an earlier hearing, the company told the court that it will take another year to complete the project.