Facing the prospect of coercive action, including imprisonment of its top management, Parsvnath Hessa Developers Pvt Ltd on Sunday informed the Supreme Court that it has deposited nearly ₹2.9 crore towards the dues payable to two Gurugram homebuyers and sought the lifting of sweeping restrictions imposed on the company, including the freezing of bank accounts of its directors and senior officials.
Event Context
In a compliance affidavit filed before the apex court ahead of Monday’s hearing, the developer said it had complied with the July 20 order directing it to deposit the entire recoverable amount along with 12% annual interest within a week and urged the court to recall the interim coercive measures. The company added it has also identified a flat in Parsvnath Exotica that can be handed over to the petitioners by October.
The matter is listed before a bench headed by Chief Justice of India Surya Kant on Monday, when the court will examine whether the company has complied with its directions and whether the stringent interim measures, including possible action against its management, need to continue.
The affidavit, sworn by authorised representative Sanjeev Kumar Jain, states that the company has deposited three demand drafts aggregating ₹2.9 crore with the Supreme Court Registry in compliance with the court’s order.
It says the amount represents the delayed possession compensation payable to petitioners Rita Tikku and Lokaish Tikku, calculated in terms of the Haryana Real Estate Regulatory Authority (HRERA) order together with interest up to July 27.
At the July 20 hearing, the bench comprising CJI Surya Kant and justices Joymalya Bagchi and V Mohana rejected the developers’ reliance on pending insolvency proceedings and granted what it described as a “one and last opportunity” to deposit the entire recoverable amount with 12% annual interest within a week. It directed that a compliance affidavit be filed before the next hearing while continuing all interim directions.
The petitioners are represented in the court through senior advocate Priya Hingorani.
Team Analysis
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Match Outlook
During the last hearing, the bench had made it clear that insolvency proceedings would not dilute the court’s powers to enforce its orders, warning that if the dues were not paid, the next step would be imprisonment of the company’s management. The court had also indicated that it was prepared to adopt the same approach it had followed against Unitech’s promoters.
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The proceedings arise from petitions filed by senior citizens Rita and Lokaish Tikku, who booked a flat in Parsvnath Exotica in Gurugram nearly two decades ago but neither received possession nor the benefits flowing from HRERA’s November 2021 orders directing the builder to hand over the apartment and pay delayed possession compensation.
Earlier this month, the Supreme Court had frozen the bank accounts of the companies as well as those of their managing directors, directors and senior officials, restrained the creation of third-party rights in the project and initiated coercive steps after observing that repeated recovery proceedings initiated by HRERA had failed to secure “not a single penny” for the homebuyers.
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According to the calculation sheet annexed with the affidavit, the principal amount paid by the Tikkus for their apartment was ₹1.78 crore, while the delayed possession compensation and interest works out to ₹2.90 crore.
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On the strength of this deposit, the developer has requested the court to vacate the interim directions freezing the bank accounts of Parsvnath Hessa Developers, Parsvnath Developers Ltd and their managing directors, directors, officers and persons acting on their behalf. It has also sought the lifting of restraints on movable and immovable assets and the prohibition on creation of third-party rights, while requesting the court to dispose of the writ petition after recording its compliance and undertaking.
The plea comes less than a week after the top court rebuked the real estate group, warning that its top executives would face the same fate as the former Unitech promoters unless they complied with the court’s directions.
