Parsvnath Developers Limited today told the Supreme Court that they were in a genuine "budgetary trouble" as they have endured loss of around Rs 400 crore a year ago however they would hand over ownership of pads to purchasers inside a year in its deferred venture at Ghaziabad close here.
The firm, which was asked by the zenith cousumer commission in May this year to discount cash to 70 purchasers who had booked pads in Parsvnath Exotica venture, told a seat of Justices Dipak Misra and C Nagappan that they would ensure the pads are conveyed to the clients.
"The organization is in a genuine budgetary trouble. We have endured lost Rs 400 crores a year ago. We will ensure that ownership of pads are conveyed to the purchasers," the direction showing up for the land firm, said.
The direction said the request, similar to the one went by the commission, would "add up to a frantic surge and everyone will come to recover the cash."
He said the firm would develop the pads and hand it over to the purchasers "inside 12 months".
In the mean time, the insight showing up for the purchasers told the pinnacle court that the Ghaziabad Development Authority (GDA) has scratched off the endorsement given to the firm for this anticipate.
"We had booked the pads in 2007. The task was to be finished in 2011. In 2015, GDA scratched off the endorsement. What is our shortcoming," the insight asked, including that the firm has not outfitted the graph giving points of interest of the timetable for discounting the cash to these 70 purchasers.
The association's insight said they were attempting to discover "some exit plan" and guaranteed the seat that ownership of pads would be given over to the purchasers.
"We have an understanding (with purchasers) and we will undoubtedly give them pads. We will hand over pads inside 12 months," the advice said.
At the fag end of the listening to, the company's direction advised the seat to likewise go into the issue of cancelation of endorsement given before by GDA.
Notwithstanding, the seat said, "We would prefer not to extend this. You do what you need to do with the GDA."
The court was informed that 854 pads were to be developed in the undertaking and 818 purchasers had booked the pads.
The seat has now posted the matter for further hearing on September 15.
Parsvnath Developers Ltd has moved the pinnacle court against the summit customer commission's request requesting that it discount the cash to 70 purchasers alongside premium.