SC Slams Builder, Bank For Holding Delhi NCR Home Buyers Hostage

The Supreme Court has taken a tough stand on a petition filed by home buyers in Delhi NCR, reprimanding the builder and the bank for taking home buyers hostage.

Justice Suryakant and Justice N Kotishwar Singh hinted that they might order a CBI inquiry in the next hearing.

The court warned that it would direct the CBI to register a case and bring every bank into the investigation. The judges emphasized that people invested their hard-earned money but were trapped by banks and builders. The court suggested forming an SIT to probe the builders and banks nexus and submit a report.

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Home Buyers Allege Illegal Loan Disbursement

The petitioners argued that builders delayed possession and, despite that, banks forced them to pay EMI dues. They claimed that banks illegally transferred loan amounts directly into builders’ accounts, violating RBI guidelines.

According to the petition, home buyers were used as a medium to get loans approved and then diverted to builders. They demanded that EMI payments be stopped until they received possession of their flats.

The Delhi High Court had rejected the home buyers’ petition on March 14, 2023. The buyers then approached the Supreme Court, seeking justice against the builders and banks nexus. The apex court is now hearing the case and may take strict action in the next hearing.

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