Parsvnath Developers Resolves Non-Bailable Warrant Issue

New Delhi, Aug 5 (PTI) Realty firm Parsvnath Developers on Monday said the matter related to non-bailable warrants against Sanjeev Jain, the Director of its subsidiary firm, has now been resolved after it deposited a certain amount as per court order.

The Delhi Police had on Saturday arrested Sanjeev Jain, the Director and CEO of a subsidiary of realty firm Parsvnath Developers.

"Jain was arrested on Saturday by the STF team of Shahdara from the IGI airport following non-bailable warrants issued against the CEO for his inability to appear before the National Consumer Disputes Redressal Commission," Deputy Commissioner of Police (Shahdara) Surendra Choudhary said in a statement on Sunday.

In a regulatory filing, Parsvnath Developers said the matter was related 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 high regard for the directions of courts, and they are not shying away from fulfilling their responsibilities and liabilities. As always, the company and its promoters undertake to take care of the interests of all of their allottees and also to honour the directions of courts," the filing said.

With regard to the facts of the matter, Parsvnath said the matter is related to a complaint filed by an allottee of the company regarding the refund of the amount due to delay in handing over the possession of unit/flat.

"In this matter, the company had already made the substantial payments to the allottee on the directions of the National Commission, however, due to some default in repayment of the refund amount, the National Commission had issued the non-bailable warrants against Sanjeev Jain.

"Subsequently, the company has deposited the decretal amount on the court's record, and accordingly, the matter regarding non-bailable warrants is now resolved," Parsvnath said.

The company and its promoters have been in the business of real estate for a long time, and they are law-abiding citizens, and they ensure and undertake to honour the directions of courts/forum, the filing said.

According to the police statement on Sunday, the warrants against Jain were issued in connection with a case filed by one 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 had said, adding that he was produced before the commission on Sunday.