Parsvnath Developers Ltd

The Supreme Court on Monday froze the bank accounts of Parsvnath Developers and its directors, and issued bailable warrants against the company's leadership after taking note of a 20-year struggle by senior citizens to secure possession of their homes. A bench comprising Chief Justice of India Surya Kant and Justices Joymalya Bagchi and V Mohana expressed grave concern over the "slumber" of regulatory authorities and suggested a "collusion" between the Haryana state machinery and the builder. The case pertained to a petition filed by one Rita Tikku, a cancer survivor, and Lokaish Tikku, who invested their life savings in the "Parsvnath Exotica" project in Sector 53, Gurugram. The petitioners were allotted residential units in 2006, with a Flat Buyer Agreement signed in early 2007. Despite paying the full sale consideration of approximately Rs 1.78 crore, the possession, originally due in 2013, never materialised. Two decades later, the project remains incomplete. The petitioners h

Parsvnath Builders asked to refund Rs 46 lakh to homebuyer for project dela

Its net profit stood at Rs 4.64 crore in the year-ago period