Parsvnath Developers resolutes non bailable warrant issue

 

On Monday, realty firm Parsvnath Developers announced that the issue concerning the non-bailable warrants against Sanjeev Jain, the Director of its subsidiary, has been resolved following the deposit of a specified amount as directed by the court.

Sanjeev Jain, the Director and CEO of Parsvnath Developers' subsidiary was arrested by the Delhi Police on Saturday. The arrest took place at IGI Airport by the STF team of Shahdara, responding to non-bailable warrants issued against Jain for his failure to appear before the National Consumer Disputes Redressal Commission, as stated by Deputy Commissioner of Police (Shahdara) Surendra Choudhary on Sunday.

In a regulatory filing, Parsvnath Developers clarified that the issue pertains to Execution Application No. 83 of 2022 in Consumer Complaint No. 2489 of 2017, titled "Rajat Babbar & Anr Vs Parsvnath Developers Ltd."

"The company and its promoters have the utmost respect for court orders and are committed to meeting their responsibilities and obligations. As always, the company and its promoters pledge to safeguard the interests of all their allottees and to comply with court directives," the filing stated.

Regarding the specifics of the case, Parsvnath explained that the matter involves a complaint from an allottee demanding a refund due to delays in the possession of a unit/flat. The company had already made substantial payments to the allottee as per the National Commission's directions. However, due to some default in the repayment of the refund amount, non-bailable warrants were issued against Sanjeev Jain.

"Subsequently, the company has deposited the decretal amount with the court, thereby resolving the issue of the non-bailable warrants," Parsvnath announced.

The filing emphasized that Parsvnath Developers and its promoters, long-standing players in the real estate sector, are law-abiding and committed to honoring court and forum directives.

According to the police statement on Sunday, the warrants against Jain were related to a case filed by Rajat Babbar. "Four non-bailable warrants and one bailable warrant from the National Consumer Disputes Redressal Commission were pending at the Shahdara police station against Jain," the statement added, noting that Jain was presented before the commission on Sunday

The case highlights the importance of adhering to contractual commitments and the legal processes in place to protect consumer rights. Parsvnath Developers' swift action in resolving the issue reflects their commitment to maintaining high standards of business practice and ensuring that legal matters are handled with due diligence.

This development marks a significant resolution for Parsvnath Developers, reaffirming their commitment to legal and regulatory compliance while continuing to focus on their core real estate operations and responsibilities.