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

Mumbai’s Street MBA: How A Bag Hustle Became A ₹8 Lakh Business

A Mumbai auto driver earns up to ₹8 lakh per month by offering a simple…

1 hour ago

Five Districts In Manipur Face Internet Shutdown Following Unrest

Manipur suspended internet in five districts for five days after protests over arrest of a…

2 hours ago

Shashi Tharoor Criticises Pakistan: “In Pakistan You Get Rewarded For Promoting Terrorism”

Shashi Tharoor condemns Pakistan’s treatment of Dr Shakil Afridi, who helped the US locate Osama…

2 hours ago

How To Read Food Labels & Make Smarter Grocery Choices

Reading food labels helps you make informed, healthier choices by understanding nutrition facts & picking…

3 hours ago

JP Nadda Slams Rahul Gandhi’s ‘Match-Fixing’ Claims As ‘Desperation Of Losing’ Polls

Rahul Gandhi's opinion piece appeared in a national daily and sparked political uproar. Opposition parties…

15 hours ago

Poverty In India Reduced Via Tangible Boost In Household Living Standards, Incomes

In 2022–23, poverty under the revised $3.00 line stood at just 5.25 per cent in…

15 hours ago