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SC directs Parsvnath Developers to deposit Rs 10 crore more to refund flat buyers

Currently reading: SC directs Parsvnath Developers to deposit Rs 10 crore more to refund flat buyers
India TV Business Desk, New Delhi [Published on:18 Oct 2016, 14:11:01]

The Supreme Court today directed real estate company Parsvnath Developers to deposit Rs 10 crore more with the court’s registry to refund 70 flat buyers for not handing over possession of its Exotica project in Ghaziabad on time.

This Rs 10 crore is in addition to last month’s Rs 12 crore that the apex court had directed Parsvnath to deposit in the case.

With today’s fresh order, the company has to now deposit Rs 22 crore with the court’s registry. The company has already deposited Rs 12 crore before SC registry after its previous order.

The court has given Parsavnath time till December 10 to deposit the balance amount. 

A bench comprising justices Dipak Misra, Amitava Roy and AM Khanwilkar said that the payment to flat buyers will be done by court, which would later on decide on how much interest be paid to them.

The case will be heard next on December 14.

Earlier in May, the National Consumer Disputes Redressal Commission (NCDRC) had asked Parsvnath to refund the amount paid by 70 buyers. The company had later moved the apex court against the consumer commission’s order but the top court refused to reverse the NCDRC’s ruling. 

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

Exotica project of Parsvnath Developers in Ghaziabad - India Tv
Exotica project of Parsvnath Developers in Ghaziabad