Supreme Court came down heavily on Parsvnath developers for their pending Exotica project in Ghaziabad which was launched in 2007 and promised the buyers to give possession at the end of 2011.

On the last hearing, Parsvnath Developers assured the Supreme Court that it would hand buyers flats in its delayed project in Ghaziabad within a year, despite suffering a loss of Rs400 crore last year.

A bench headed by Justice Dipak Misra is hearing the company’s appeal against a National Consumer Disputes Redressal Commission (NCDRC) order, which directed the firm to refund money to 70 investors who had booked flats in its Parsvnath Exotica housing project.

Senior advocate Dushyant Dave appealed to the court not to order the refund, saying “the company is in a serious financial difficulty”, but it will deliver the flats within 12 months.

The bench, however, refused to hear the company because the matter was listed before the court for deciding an application by the flat buyers.

Latest News from India News Desk