India

Supreme Court Grants Relief To Delhi NCR Home Buyers, Bars Banks From Harassment

In a significant ruling, the Supreme Court has come to the aid of home buyers in Delhi NCR, prohibiting banks and financial institutions from harassing them over dues under the Interest Subsidy Scheme. The court has given a two-week window for respondents to file their replies and will hear the case next on September 27.

The petitioners, who claim to be victims of illegal loan disbursement by banks to builders in violation of RBI guidelines, had approached the court after the High Court dismissed their writ petitions. The High Court had cited alternative remedies under consumer protection laws, insolvency and bankruptcy codes, and real estate regulations.

Also Read: Supreme Court Petitioned Again For Safety Shield System To Prevent Train Accidents

The Supreme Court now order that no threat action against the home buyers booking  flats under the Interest Subsidy Scheme but are yet to receive possession. This includes protection from complaints under Section 138 of the Negotiable Instruments Act, 1881.

In addition to shielding home buyers, the court has also warned builders of consequences if they fail to comply with its orders. The ruling is a significant relief for home buyers who have been struggling to secure possession of their flats despite paying EMIs.

The Supreme Court’s decision overturns the Delhi High Court’s order of March 14, 2023, which  dismis petitions seeking instructions to banks and financial institutions to halt EMI collections until possession of flats.

Gopal Krishna

Recent Posts

Devotees Mistakenly Collect AC Condensation As ‘Charan Amrit’ At Mathura Temple

Devotees at Mathura's Banke Bihari temple gathered to collect water dripping from a sculpted elephant,…

3 mins ago

State Cannot Claim Private Property Under Article 39(b): Supreme Court

A nine-judge SC bench ruled that the State cannot indiscriminately seize private property for redistribution…

31 mins ago

RG Kar Case: Junior Doctors In West Bengal Protest Alleged Gaps In CBI Chargesheet

Junior doctors in WB protested Tuesday over alleged flaws in the CBI chargesheet on their…

57 mins ago

Supreme Court Upholds Uttar Pradesh Madrasa Education Act; Sets Limits On Higher Education Regulation

The SC upheld the UP Board of Madrasa Education Act, 2004, reversing the Allahabad High…

1 hour ago

How US Presidential Election Is Conducted – Explained

The US presidential election is a complex, multi-step process that involves both voters and an…

2 hours ago

Mumbai Police Uncover Connections & Weapons In Baba Siddiqui Murder Investigation

The Mumbai Police disclosed that the firearms used to assassinate late NCP leader Baba Siddiqui…

3 hours ago