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

Reaffirming Gandhi Ji’s Global Relevance: PM Modi’s International Tributes

Prime Minister Narendra Modi continues to honor Mahatma Gandhi’s ideals beyond India’s borders. During his…

11 hours ago

Delhi High Court Upholds AIMIM’s Recognition As Political Party

'The petitioner’s arguments cannot override the constitutional rights of AIMIM members. This petition has no…

12 hours ago

‘Democracy First, Humanity First’: PM Modi Highlights India-Guyana Parallels In Parliament Address

PM Modi emphasized the shared struggles of India and Guyana for independence from colonization. PM…

12 hours ago

Maharashtra Records 65.11% Voter Turnout In Assembly Elections, Marking A 30-Year High

The rise in turnout came with an 8.5% increase in the number of eligible voters.…

13 hours ago

42 Killed, 14 Injured In Militant Ambush In Pakistan’s Kurram Agency

"42 people have died as a result of firing on passenger vehicles in Kurram district.…

14 hours ago

Delhi HC Denies Relief To Arvind Kejriwal In Money Laundering Case

The Delhi HC has refused to stay the proceedings against Arvind Kejriwal in the money…

15 hours ago