SC directs Parsvnath Developers to deposit Rs 10 crore by December 10

The Supreme Court (SC) has directed Parsvnath Developers to deposit Rs 10 crore to the court by December 10, 2016, in relation to customer complaints with its subsidiary's project named Parsvnath Exotica in Ghaziabad. 

"This is with reference to the matter with the honourable Supreme Court today that is October 18, 2016, regarding customer complaints in the project- " Parsvnath Exotica", Ghaziabad being implemented by the company's subsidiary that is Parsvnath Buildwell Private Ltd (PBPL)," the real estate company said in a filing  to the BSE on Wednesday.

As per the directions of the honourable Supreme Court (SC) in its order dated September 15, 2015, PBPL had deposited the amount of Rs 12 crore in the Registry of the Court, it said. 

"PBPL once again emphasised before the honourable court that they are ready and willing to complete the construction of the project by December 2017...," cited the statement. 

On Tuesday, the counsel for PBPL submmited to the bench that the landowners/collaborators be directed to refund the customers its part of share as per the Development Agreement, it said.

"Upon submissions of counsel for PBPL, the bench was pleased to issue Dasti notice to the landowners/collaborators. However, the honourable court has directed PBPL to deposit the remaining principal amount that is Rs 10 crore by December 10, 2016, in the Registry of Supreme Court," Parsvnath Developers said in a statement. 

The bench also directed that the amount so deposited in the Registry of Court shall be disbursed to the customers on a pro-rata basis after suitable verification, it further added. 

At 12:28 hours, the stock of Parsvnath Developers was trading down 0.86% or Rs 0.12 at Rs 13.90 on the BSE.

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