Parsvnath developers’ non-bailable warrant situation resolved

This blog refers to the recent news articles published on August 4th and 5th, 2024, regarding the arrest warrant issued by the National Consumer Disputes Redressal Commission (NCDRC) New Delhi, against Mr. Sanjeev Jain, the Managing Director and CEO of Parsvnath Developers Limited. The warrant is connected to Execution Application No. 83 of 2022, stemming from Consumer Complaint No. 2489 of 2017, titled “Rajat Babbar & Anr Vs. Parsvnath Developers

Limited.”

Parsvnath Developers and its leadership hold the highest regard for the directions of the Hon’ble Courts and are fully committed to meeting their obligations and responsibilities. The company and its promoters have always been dedicated to protecting the interests of their allottees and ensuring compliance with all court orders.

The current issue originates from a complaint filed by an allottee, who sought a refund due to delays in the handover of their unit or flat. The company ensured to make substantial payments to the allottee as per the National Commission’s directions, however, some amount of the payment was delayed. This led the Hon’ble National Commission to issue a non-bailable warrant against Mr. Sanjeev Jain.

The company has since deposited the required amount with the court, effectively addressing the respective issue.

This resolution demonstrates Parsvnath Developers‘ unwavering commitment to their customers and their determination to honor the directives of the Hon’ble Courts. The company remains focused on ensuring that all obligations are met and that the interests of its allottees are safeguarded. By taking these steps, Parsvnath Developers aims to reaffirm their dedication to upholding their responsibilities and maintaining trust with their stakeholders.

In conclusion, Parsvnath Developers continue to prioritize the satisfaction and trust of their customers while ensuring full compliance with legal requirements and court orders. The resolution of this matter underscores their commitment to accountability and transparency in all their dealings.

Disclaimer: The information provided in this article has been sourced from a company statement issued by Parsvnath Developers Limited.