Supreme Court Freezes Parsvnath Developers' Bank Accounts
The Supreme Court of India, in an order dated July 13, 2026, has directed the freezing of bank accounts of Parsvnath Developers Ltd and its subsidiary Parsvnath Hessa Developers Private Limited, along with personal accounts of their directors and officers. This action stems from a writ petition concerning possession of flats and compensation for the Parsvnath Exotica project in Gurugram. Bailable warrants have also been issued for the appearance of the companies' directors and officers on July 20, 2026. Furthermore, the creation of third-party rights or any transactions involving the immovable assets of the two companies are stayed until further notice. The court highlighted the plight of homebuyers who paid full consideration years ago but have not received possession.
Key Highlights
- Supreme Court orders freezing of company and director bank accounts.
- Bailable warrants issued for directors and officers of Parsvnath Developers.
- Transactions and third-party rights on company assets are stayed.
- Order relates to delayed possession and compensation for Parsvnath Exotica project.
- Homebuyers have been waiting for possession for nearly two decades.
Price Impact
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