Parsv­nath unit faces in­sol­vency pro­ceed­ings

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THE Na­tional Com­pany Law Tri­bunal (NCLT) has given its ap­proval to start in­sol­vency pro­ceed­ings against re­alty firm Parsv­nath De­vel­op­ers' sub­sidiary for in­or­di­nate de­lay in hand­ing over a Delhi project to buy­ers and non­re­fund of their pay­ment.

The NCLT, Delhi, has ad­mit­ted an in­sol­vency pe­ti­tion filed against Parsv­nath Land­mark De­vel­op­ers by three home­buy­ers who had booked flats at La Trop­i­cana project at Khy­ber Pass for a con­sid­er­a­tion of Rs 10.93 crore.

The tri­bunal ap­pointed Yash Jeet Bas­rar as an in­terim res­o­lu­tion pro­fes­sional (RP) to run the the firm’s cor­po­rate in­sol­vency res­o­lu­tion process.

A two-mem­ber bench of the NCLT has di­rected that all the per­son­nel con­nected with the Parsv­nath Land­mark De­vel­op­ers man­age­ment must co­op­er­ate with the RP.

High-end Khy­ber Pass project

The NCLT has di­rected the Reg­is­trar of Com­pa­nies to up­date the sta­tus of 'cor­po­rate debtor' and spe­cific men­tion re­gard­ing ad­mis­sion of this pe­ti­tion must be no­ti­fied on its por­tal.

Ac­cord­ing to the flat buyer agree­ment ex­e­cuted be­tween the par­ties on Oc­to­ber 1, 2009, Parsv­nath Land­mark De­vel­op­ers was to hand over the pos­ses­sion within 36 months from the date of com­mence­ment of con­struc­tion with grace pe­riod of six months.

How­ever, even af­ter the ex­piry of more than nine years, con­struc­tion of the said flat has not been com­menced so far.

The coun­sel for Parsv­nath Land­mark De­vel­op­ers did not par­tic­i­pate in the hear­ing. How­ever, in a writ­ten sub­mis­sion filed by its au­tho­rised rep­re­sen­ta­tive, it said that the ap­pli­ca­tion was not main­tain­able and de­lay was on ac­count of var­i­ous clear­ances and the mat­ter of is­sue of own­er­ship of the said land is still pend­ing be­fore the Delhi High Court.

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