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The Supreme Court has granted Parsvnath Developers a final one-week deadline to deposit the entire recoverable amount due to homebuyers of the Parsvnath Exotica project in Gurugram, along with 12% annual interest, failing which the company's directors could face imprisonment. The order was issued during the hearing of a long-running dispute involving homebuyers who alleged that they had paid the full purchase amount but had not received possession of their homes after nearly two decades. The apex court maintained its earlier directions, including the freezing of the developer's bank accounts, and directed the matter to be listed again next week. The case also highlights concerns over the enforcement of Haryana RERA's recovery orders and prolonged delays in residential projects.
The Supreme Court has granted Parsvnath Developers one final week to comply with its directions by depositing the entire recoverable amount due to homebuyers of the Parsvnath Exotica project in Gurugram, together with 12% annual interest. During the hearing held in the past week, the court warned that failure to comply would result in imprisonment of the company's directors, while continuing earlier directions aimed at securing the interests of affected homebuyers.
A Bench headed by Chief Justice Surya Kant, along with Justices Joymalya Bagchi and V Mohana, heard a petition filed by homebuyers Rita Tikku and Lokaish Tikku, who informed the court that they had invested their life savings in the Parsvnath Exotica residential project in Sector 53, Gurugram, but had not received their homes despite making full payment. The court observed that the developer had failed to comply with previous judicial directions and orders issued in favour of the buyers.
The Bench directed the builder to deposit the full recoverable amount, along with interest at 12% per annum, with the Supreme Court Registry within one week. It stated that this would be the final opportunity before non-bailable warrants already issued against the company's officials were executed. The court also retained its earlier order freezing the bank accounts of Parsvnath Developers, Parsvnath Hessa Developers Pvt Ltd and their senior officials until compliance with its directions is achieved.
During the proceedings, the court expressed strong dissatisfaction with the conduct of the developer and observed that prolonged non-compliance had undermined the legal process. Referring to earlier action taken against Unitech's promoters, the Bench indicated that a similar course of action could follow if the present directions were ignored. It also clarified that ongoing insolvency proceedings could not be relied upon to avoid compliance with orders passed by the apex court.
The Bench noted that the Haryana government had submitted the compliance affidavit sought in an earlier hearing and directed that it be placed on record. It also sought an explanation from the developer regarding its failure to comply with orders issued by the Haryana Real Estate Regulatory Authority (HRERA), which had directed recovery in favour of the homebuyers. The matter has been listed for further hearing next week to review compliance with the court's directions.
The proceedings form part of a wider legal dispute arising from prolonged delays in the Parsvnath Exotica project, where homebuyers have pursued relief through regulatory authorities and the courts over several years. Earlier in the past week, the Supreme Court had frozen the developer's bank accounts and issued warrants against its officials after expressing concern over the implementation of RERA recovery orders. With the latest order, the court has made it clear that any further failure to honour its directions could lead to the imprisonment of the company's directors.
Source - PTI
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