Supreme Court Orders Banks to Stop Taking Coercive Action Against Homebuyers

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The Supreme Court gave temporary protection to a group of people who bought houses and asked to delay their loan payments until they receive possession of their homes. The court ordered PNB Housing Finance Limited not to take any harsh actions against the homebuyers. The homebuyers had signed agreements with a builder in 2012, but the builder did not fulfill their obligations and did not deliver the houses on time.

The builder also didn’t pay the monthly loan installments. The finance company started legal action to recover the missed payments from the homebuyers. The homebuyers went to the Delhi High Court, asking for relief from the loan payments until they received their houses.

The High Court granted temporary protection to the homebuyers until the final decision. However, in March 2023, the High Court ruled that the homebuyers could seek other remedies, and the case couldn’t be heard as a contractual matter. Displeased with the decision, the homebuyers appealed to the Supreme Court.

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They argued that the bank officials resumed pressuring them for payments after the protection was lifted. The homebuyers requested temporary protection from the Supreme Court until the appeals were resolved. The Supreme Court agreed and granted the protection until the next hearing, which will take place in four weeks.

The homebuyers were represented by Advocate-on-Record Abhinay and Advocates Sakshi Jain, Pooran Chand Roy, LK Srivastava, and Parul Khurana.

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