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The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea by four unit buyers of Parsvnath Landmark Developers to initiate insolvency proceedings against the subsidiary. The tribunal upheld the Principal bench's decision, which rejected the plea on technical grounds due to the small number of petitioners.
Parsvnath Landmark Developers: The appellate tribunal upheld the orders of the Principal bench of the National Company Law Tribunal (NCLT), which on October 17, 2023, rejected their plea on technical grounds as the number of petitioners was only four, while the total number of allottees by Parsvnath Landmark is 488.
The Greater Noida Authority has cancelled the allotment of two land parcels of the Parsvnath developers over dues of about Rs 281 crore.The authority has taken this action for non-deposit of the outstanding amount of nearly Rs 281 crore on both ...
4 In an important order, the National Consumer Disputes Redressal Commission (NCDRC) has sentenced Parsvnath Developers Ltd's managing director (MD) and other directors to three years' imprisonment, for failing to refund money and for not complying with its decree, says a report. Times of India says, "I have given thoughtful consideration to the rival contentions. It is a decree against the judgement debtor (JD) Parsvnath Developers. The JD has failed to comply with the decree despite getting several opportunities. They have not honoured their own undertakings and it seems that the spec...