Thousands of people are crying … Supreme Court rained from banks to builders, CBI investigation signs

Supreme Court on NCR Builders and Banks: Noida or Gurugram … A story of the entire NCR. In the circle of big promises and claims of the builders, millions of people gave them the hard earned money to buy a single flat and then while waiting, years passed. Many bought flats by taking loans and have been filling EMI as well as rented houses for years. The promise was that a flat would be found in the year or two. It was expected that two years are not right, at least four-five years, the flat would be available. However, the wait increased and ten to fifteen years passed. But the flat was not found. Those who remain lucky, they also got a flat with half-incomplete facilities. Every month in the name of maintenance, the builder is now paying separate bills, but facilities are negligible. Everyone knows this pain of home buyers in NCR, but no one has applied ointment on it yet. However, the strict form that the Supreme Court has shown today, if it continues, millions of home buyers will get justice.

Nexus of banks and builders

The Supreme Court has expressed concern over the alleged nexus between banks and builders and assured that the complaints of the landlords will be investigated by the CBI. A group of landlords knocked on the court door, claiming that they have not got possession of flats due to the delay of builders and developers, but banks are forcing them to pay EMI.

Justice Suryakanth, who is heading the bench of two judges hearing the case, said, “We will not consider any institution bad or good. We will definitely conduct a CBI inquiry. This is clear. Thousands are crying. We are crying. We can not wipe their tears, but we can decide on their issues. Some effective should be done in a timely manner. Some effective should be done. Our geno tolerance on this issue, which is a hide, is also a hide. Will remove. ”

Builders taking loan amount directly

In a historic judgment in July 2024, the Supreme Court directed that no punitive action should be taken against the home buyers in the National Capital Region (NCR), including EMI recovery, which have not been occupied by their flats. However, the order has not been implemented yet. Apart from this, the landlords have alleged that the loan amount was illegally sent directly to the accounts of the builders/developers in violation of the guidelines of the RBI. It has also been alleged that home buyers were used as a medium to get the loan approved. When the buyers objected, the banks started action against them, it has been alleged.

Justice Kant said, “We cannot consider a single bank free from doubt … We have seen their functioning … You can see the conduct of public institutions!” Advocate Abhishek Manu Singhvi said on behalf of the financiers, “If a special builder becomes bankrupt, it is not my fault.” Justice Kant retaliated, saying, “Your fault is that not knowing that a brick has not been placed on the site, you released 60 percent! How can it happen without any transaction!”

Singhvi suggested that banks could refrain from charging interest till they are given possession, but the court rejected it. Justice Kant said, “This will not solve a bigger issue. This will not solve the disease that causes the entire system to suffer. Millions of people … The Supreme Court is looking at the plight of poor people every day. We want to go to the root of the case … We will not tolerate at all.” The matter will now be heard after two weeks.

List of real estate companies submerged in last 10 years
In the last decade, many real estate companies have been drowned or bankruptcy has been declared.

• Rera registration canceled in Amrapali Group- 2019, projects submitted to NBCC.
• Ansal API – Company caught in debt and legal disputes, many projects incomplete.
• Unitech – In 2017, the insolvency process started in NCLT, the money of home buyers got stuck.
• JP Infratech – The company Yamuna Expressway project was declared insolvency in 2017.
• Supertech – In 2022, NCLT started the insolvency process, more than 40,000 flats stuck.
• 3C company- Many projects have been delayed in financial crisis, company is stuck in financial crisis
• Parshwanath Developers- The company is in debt, many projects have stopped.
• HDIL- In 2019, the company was declared bankruptcy names related to PMC Bank scam.

On Monday, this matter also arose in Lok Sabha

SP MP Ramashankar Rajbhar said that after 2014, flood of bankrupt companies came into the real estate industry. Many fake companies were formed and lakhs of rupees were looted from home buyers. He said that all these matters went to NCLAT. In such a situation, the question is how much NCLAT did justice to him? How long will buyers money be returned? NCLAT is not making a complete hearing on cases. In such a situation, how long will thousands of trapped investors get money?

What was the government’s answer?

On behalf of the government, Minister of State for Corporate Affairs Harsh Malhotra said that the government has done many reforms. He said that a hearing should be held on the basis of tower in this case, arrangements have also been made by the government. Steps have also been taken by the government regarding possession. Apart from this, many types of relief have been given by the government to home buyers. The government said that we have details reforms. There are 15-20-page reforms which have been prepared by the government.

Noida Authority reprimanded

The Supreme Court has reprimanded the Noida Authority. The court said that the authority is only worried about its dominant money, there is nothing to do with thousands of flat buyers who are forced to live in a rented house despite buying a house. The court on Monday objected by the Noida Authority to appeal against the Appellate Company Law Tribunal’s decision, in which the public sector company National Building Construction Company (NBCC) was allowed to complete 16 incomplete residential projects of bankruptcy real estate company Supertech (SUPERTECH). The Supreme Court said that it can set up a special investigation team (SIT) to decide the accountability of the officials.