Tuesday, March 18, 2025

Creating liberating content

Breaking News Share Twitter WhatsApp Facebook Reddit Email Astronauts Sunita

President Trump fired the two Democratic members of the Federal

Eduardo Bolsonaro, a Brazilian congressman and a son of former

NEW DELHI: PM Narendra Modi on Tuesday hailed the just-concluded

Related News

Breaking News Share Twitter WhatsApp Facebook Reddit Email Astronauts Sunita Williams, Butch Wilmore splash down safely near Florida coast after 9 months in space Source link

President Trump fired the two Democratic members of the Federal Trade Commission on Tuesday, a rejection of the corporate regulator’s traditional independence that will clear the way for the administration’s

Eduardo Bolsonaro, a Brazilian congressman and a son of former President Jair Bolsonaro, said on Tuesday that he would seek political asylum in the United States, claiming he is the

NEW DELHI: PM Narendra Modi on Tuesday hailed the just-concluded Maha Kumbh in Prayagraj, and said the gathering of millions, just like the consecration of Ram Mandir in Ayodhya, marked

File photo of US President Donald Trump and Russian President Vladimir Putin (Pic credit: AP) US President Donald Trump and Russian President Vladimir Putin held a high-stakes 90-minute call on

Prince Harry’s visa documents have been made public and it shows there was no preferential treatment for granting him US visa. Prince Harry does not have the risk of being

Trending News

Gold prices surged by Rs 500, reaching a record high of Rs 91,250 per 10 grams in the national capital on Tuesday. This increase was driven by continued buying from

MUMBAI: RBI has pumped in over Rs 5 lakh crore into the banking system since mid-Jan through bond purchases, forex swaps and early-April maturity repos. To ensure that liquidity remains

Top stocks to buy (AI image) Stock market recommendations: According to Somil Mehta, Head – Alternate Research, Capital Market Strategy, Mirae Asset Sharekhan, Trent and Bharat Forge are the top

NEW DELHI: India’s trade deficit has narrowed to a 42-month low of $14 billion in Feb 2025, thanks primarily to imports slowing to $51 billion, data released by the commerce

US President Trump with PM Modi NEW DELHI: Amid US President Donald Trump’s tariff threats, India is engaging with the US to find ways of increasing trade and discussing the

Bajaj to buy out Allianz’s stakes in insurance joint ventures MUMBAI: In the biggest insurance sector deal in India, Bajaj group will buy out Allianz’s 26% stakes in their life

Supreme Court Talks Of CBI Probe Into Homeowners’ Troubles

Word Count: 443 | Estimated Reading Time: 3 minutes




New Delhi:

The Supreme Court has expressed concern about the alleged nexus between banks and builders and assured that a probe by the Central Bureau of Investigation will be held into the grievances of homeowners. A group of homeowners have gone to court, claiming that they are being forced by banks to pay EMIs although they have not obtained possession of flats due to delay by builders and developers. 

“We are not going to certify any institution as bad or good,” said Justice Surya Kant, who was heading the two-judge bench hearing the matter. 

“We will definitely have CBI probe. That is clear. Thousands of people are crying. We can’t wipe their tears but we can address their issues. Something very effective has to be done in timebound manner,” he added. The Central agency has been asked to file a plan on how it intends to tackle the job.

In a landmark ruling in July 2024, the Supreme Court had directed that no coercive action, including EMI recovery, should be taken against homebuyers in the National Capital Region (NCR) who haven’t received possession of their flats.

But the order is far from being implemented. Moreover, the homeowners have alleged that the loan amounts were illegally disbursed directly into the accounts of the builders/developers in violation of RBI guidelines.

It has also been alleged that the homebuyers were used as a medium to get the loans sanctioned. When the buyers objected, the banks initiated action against them, it has been alleged.

“We may not certify a single bank free from doubt…we have seen their functioning…you see the conduct of public institutions!” Justice Kant said. 

When Abhishek Manu Singhvi, who was representing the financers, said, “If a particular builder goes insolvent, it’s not my fault,” Justice Kant shot back, “Your   fault is that knowing not a brick has been laid at the site, you released 60 per cent! How can this be without quid pro quo!?”

Mr Singhvi suggested that the banks can refrain from charging interest till possession is given. But the court shot it down. 

“It is not going to address the larger issue. It is not going to heal the ailment the entire system is suffering from. Lakhs, lakhs of people… the Supreme Court is handling the poor people’s plight every day,” Justice Kant said.

“We don’t want any reluctance. We want to go into the root… we have zero tolerance. We will request the amicus (curiae) to assist,” the judge said. 

The court decided to appoint an amicus curiae since the volume of such cases is huge. The next hearing will be held after two weeks.
 




Source link

Most Popular Articles

Sign In

Welcome ! Log into Your Account