The Supreme Court on Thursday directed Parsvnath developers to deposit Rs 12 crores in the apex court within 4 weeks

New Delhi: The Supreme Court on Thursday directed Parsvnath developers to deposit Rs 12 crores in the apex court within 4 weeks.

The case pertains project Parsvnath Exotica project in Ghaziabad where the firm, was asked by the apex consumer commission in May this year to refund money to 70 buyers who had booked flats.

Parsvnath Developers had moved the apex court against the apex consumer commission’s order asking it to refund the money to 70 buyers along with interest

Last month, Parsvnath Developers told the SC that they were in a serious “financial difficulty” as they have suffered loss of around Rs 400 crore last year but they would hand over possession of flats to buyers within a year in its delayed project at Ghaziabad.

The firm’s counsel said they were trying to find “some way out” and assured the bench that possession of flats would be handed over to the buyers.

“We have an agreement (with buyers) and we are bound to give them flats. We will hand over flats within 12 months,” the counsel said.

The court was told that 854 flats were to be constructed in the project and 818 buyers had booked the flats.

Bureau Report