Parsvnath Buildwell case: money not distributed to buyers

New Delhi [India], Feb. 2 (ANI): The Supreme Court on Friday observed that a sum of Rs 5.19 crore was deposited, but not distributed to its home buyers on pro-rata basis in Parsvnath Buildwell Private Limited case.

Last year in September, Supreme Court had directed Parsvnath Developers to deposit Rs.12 crores with the court's registry in four weeks in a case related to delay in possession of flats in the Parsvnath Exotica project in Ghaziabad.

Around 70 home buyers had sought a refund after the company failed to deliver possession of the flats on schedule.

In May 2017, National Consumer Disputes Redressal Commission (NCDRC) had asked Parsvnath Developers to refund the amount paid by 70 home buyers in its Parsvnath Exotica project in Ghaziabad with 12 percent interest for delaying the project.

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. A bench comprising justices Dipak Misra and C. Nagappan also declined to pass any order asking GDA to reconsider the issue.

"If refund allowed to these buyers, floodgates will be opened to all buyers seeking the refund," Parsavnath Developers had told the Supreme Court. In an earlier hearing, Parsvnath Developers told the court that it will take another year to complete the project. (ANI)

This story has not been edited. It has been published as provided by ANI