The Supreme Court has ordered the Metropolitan Magistrate, Rouse Avenue Court, Delhi, to proceed with the trial in the charge sheets filed by the CBI in the cases related to builder-banks fraud nexus exploiting homebuyers in the National Capital Region.
The bench of CJI Surya Kant and Justices Joymalya Bagchi and Vipul Pancholi gave order while hearing grievances of homebuyers in the National Capital Region. Homebuyers claimed that banks were forcing them to pay EMIs without having obtained possession of flats due to the delay by the builders/developers.
People are alleging nexus between builders and banks in the National Capital Region (NCR). Homebuyers alleged that they were trapped through collusive arrangements.
Banks disbursed housing loans directly to builders on the assurance that the latter would service EMIs during the construction period. However, when builders defaulted or projects stalled, banks proceeded against unsuspecting homebuyers, even though possession was never handed over.
In September last year, the Court had directed the CBI to register cases after an investigation signalled at the commission of cognisable offences. Now, the bench has directed the Magistrate before whom the chargesheets have been filed by the CBI to proceed with the trial of the case.
Homebuyers are worried as they have not yet been handed over flats by the builder but Banks are asking to pay EMIs. The police is also investigating the role of banks in this. More details will be released soon.
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