Parsvnath Developers Resolves Non-Bailable Warrant Issue Against Subsidiary Director

 

On Monday, Parsvnath Developers announced the resolution of non-bailable warrants issued against Sanjeev Jain, the Director and CEO of its subsidiary. The matter was settled after the company deposited the amount specified by the court.

Jain was arrested on Saturday at the IGI Airport by the Delhi Police's Special Task Force (STF) following warrants issued for his failure to appear before the National Consumer Disputes Redressal Commission (NCDRC). Deputy Commissioner of Police (Shahdara), Surendra Choudhary, confirmed the arrest, noting that multiple non-bailable warrants and one bailable warrant were pending against Jain.

The case is tied to Execution Application No. 83 of 2022 in Consumer Complaint No. 2489 of 2017, filed by Rajat Babbar. The complaint involves a demand for a refund due to delays in the possession of a unit. While Parsvnath Developers had made partial payments as per NCDRC’s orders, a default in completing the refund led to the issuance of the warrants.

In a regulatory filing, Parsvnath Developers clarified the situation and reaffirmed its commitment to legal compliance. "The company has deposited the decretal amount with the court, thereby resolving the non-bailable warrant issue," the filing stated. The company also emphasized its respect for court directives and its dedication to protecting the interests of its allottees.

The arrest and subsequent resolution highlight the critical importance of adhering to legal commitments and ensuring consumer satisfaction in the real estate sector. By taking immediate action to address the matter, Parsvnath Developers demonstrated its dedication to upholding legal and regulatory standards.

The company further noted that this incident does not undermine its long-standing reputation in the real estate industry. “Parsvnath Developers and its promoters are law-abiding and committed to meeting their obligations under all applicable laws and court directives,” the filing added.

Sanjeev Jain was presented before the NCDRC on Sunday, where the court acknowledged the resolution of the matter after the deposit of the outstanding amount.

This case serves as a reminder of the legal frameworks designed to protect consumer rights and the need for real estate firms to prioritize timely delivery and compliance. Parsvnath Developers’ proactive approach in addressing the issue reflects its commitment to transparency, consumer trust, and its core operations in real estate.

This resolution is a significant step for Parsvnath Developers as it focuses on strengthening its business practices, resolving disputes, and adhering to legal protocols to maintain its credibility in the real estate market.

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