Parsvnath Developers

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The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea filed by four unit buyers of Parsvnath Landmark Developers to initiate insolvency proceedings against the subsidiary of Parsvnath Developer. The appellate tribunal upheld the orders of the Principal bench of the National Company Law Tribunal (NCLT), which on October 17, 2023, rejected their plea on technical grounds as the number of petitioners was only four, while the total number of allottees by Parsvnath Landmark is 488. The matter relates to La Tropicana Khyber Pass, a Delhi-based project of the realty firm. Section 7(1) of the Insolvency and Bankruptcy Code (IBC) mandates a petition on behalf of the homebuyers (as financial creditors) is maintainable only if either 100 in number or 10 per cent of the allottees join the petition. Moreover, the appellate tribunal also rejected the plea of flat buyers that they are of a different class, having an order from Delhi RERA directing the developer to refund the

The authority has taken this action for non-deposit of the outstanding amount of nearly Rs 281 crore on both the land plots and non-completion of both the projects

Sebi found that Parsvnath Developers Ltd (PDL) failed to make provision for the outstanding amount in ledger accounts of contractors and sub-contractors

Realty firm Parsvnath Ltd has received Rs 1,200 crore from Rail Land Development Authority (RLDA) as per a court order in a dispute related to a project here and said that the amount will be utilised to reduce debt. Last month, the Supreme Court had dismissed the appeal of the RLDA challenging a Delhi High Court order directing it to pay Rs 1,034 crore to Parsvnath Ltd in a dispute over a project in the national capital. "We have received Rs 1,200 crore from RLDA and the money is being utilised to clear debt of IL&FS and redemption of NCDs (non-convertible debentures) and OCDs (Optionally Convertible Debentures)," Parsvnath Chairman Pradeep Jain told PTI. In 2010, Parsvnath through an auction had bought about 37 acre land located at Sarai Rohilla-Kishanganj area in the national capital from the RLDA for about Rs 1,650 crore. Parsvnath had in 2011, formed a joint venture with Red Fort Capital to execute this project. The JV firm was named Parsvnath Rail Land Project Pvt Ltd ...

The regulator believes that the entire extent of violations can be unearthed only by means of forensic audit

The company had paid over Rs 1,150 crore against the purchase of this land parcel

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