In a complaint against Parsvnath Developers Limited the complainant flat-owners filed a petition in the National Consumer Disputes Redressal Commission for refund of money, based on the judgment passed by the RERA Uttar Pradesh authorities where the builder was asked to return the money to the consumers, while they are also willing to have final possession of the property which is yet to be complete.
The consumers in the year 2006 applied for the flats after making full payments to the builder. The complainants were promised to be provided with the possession of the flat in just thirty-six months by the company.
Parsvnath Developers Limited — involved in construction and SEZ projects — was incorporated in the year 1956 is running through bad financial phase having net negative quarterly income and also debts of the company rising more than its assets as reported to National Stock Exchange and SEBI. The company is running through loss since last many financial years.
The complainants after having seen the builder defaulting on its promise to handover the flats Mr Kapil Gujaral and others went to RERA for having the possession of the flat in Noida. The RERA court having heard the plea supported them by passing an order in the favour of complainants.
The RERA authorities ordered the Builder to make refund payments to the customers in next few months with nine percent interest on the same. They did not ask the builder to give possession of the flat to customers.
The Real Estate Regulation Act 2016 was enacted by the government to bring in transparency and quick disposal of cases related with the real estate and also to protect the rights of the consumers if in case they have been cheated and the Noida region falls under the jurisdiction of RERA Uttar Pradesh.
The order of the RERA was challenged by Parsvnath Developers Limited in Allahabad High court and got a stay in the matter. The court ordered the builder neither to continue with the construction nor to go with the refund of the money.
Having seen status quo maintained by the Allahabad High Court and fourteen years to have been passed since they applied for the flat the consumers though to knock the doors of the National Consumer Dispute Redressal Commission and filed a petition in the same for having the possession of the flats.
Having considered the grievances of various consumers the National Consumer Dispute Redressal Forum also facilitated the impleadment of various other parties in the matter which was brought to the notice of the Forum and also to various customer’s knowledge.
Justice R.K. Aggrawal after allowing the impleadment of new parties having same interest and appeal against the common opponent, has set May 6, 2020 as the next date of hearing. More customers are expected to join the complainant bandwagon against the builder.