If you have access to the correct multi-CAx plug-in, Catia V5 should be able to open a parasolid into a CATProduct. I checked the following link and ParaSolid is mentioned as having a valid Multi-CAx product.
I have the correct multi-CAx pulg-in. I am able to open all the *.iges, *.stp, *.stl..etc...except for the *.x_t format files. Is there any converters that I can use to convert it to some other format that is readable in Catia?
I tried creating a product and tried inserting an existing object in *.x_t file format. But it gave me an error saying "Insert failed due to invalid and inconsistent extension type"