Parsvnath unit faces insolvency proceedings
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.