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The Supreme Court has granted Parsvnath Developers a final opportunity to comply with its directions concerning Gurugram flat buyers, warning the company of imprisonment if it fails to do so within a week.
A Bench comprising Chief Justice of India Surya Kant, Justice Joymalya Bagchi and Justice V Mohan directed the developer to deposit the entire outstanding amount, along with 12 per cent annual interest, in the Supreme Court Registry within one week.
The Bench also expressed strong displeasure over the non-implementation of orders passed by the Haryana Real Estate Regulatory Authority (HRERA).
Chief Justice Surya Kant observed that the company had deceived the entire country and warned that failure to comply within a week would result in imprisonment.
The court remarked that the developer was making a mockery of the system and cautioned that it could face consequences similar to those imposed on Unitech. The court further observed that the entire system stood hijacked.
During the hearing, the Haryana government informed the court that the paper book did not include the compliance affidavit.
The Bench directed immediate placement of the compliance affidavit on record.
Senior advocate Priya Hingorani submitted that she had expected the developer to produce a demand draft, while the builder’s counsel informed the court that it had a plan.
The court rejected the submission, directing the company to place the plan before the next hearing and clarifying that it was exercising its powers under Article 142, independent of insolvency proceedings.
In the previous hearing, the Supreme Court questioned the Haryana government over its failure to act against Parsvnath Developers for delays in completing several projects.
The petitioners were allotted flats in 2006 and signed agreements in early 2007 for homes priced above Rs 1 crore, with possession promised in 2013. Construction, however, remained incomplete.
Although HRERA awarded compensation in 2021, the developer neither challenged the order nor compensated the buyers, while even arrest warrants issued by HRERA remained unenforced.
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