The Supreme Court has issued a stern warning to the directors of real estate developer Parsvnath Developers, making it clear that the company’s ongoing insolvency proceedings cannot be invoked as a defence for failing to comply with orders concerning the dues of homebuyers.
A Bench comprising Chief Justice of India Surya Kant, Justice Joymalya Bagchi and Justice V. Mohana was hearing petitions filed by senior citizens who have been awaiting possession of flats in the Parsvnath Exotica project in Gurugram for more than two decades, despite having paid the entire consideration.
The Court had earlier issued a series of coercive directions against the developer’s directors,…