Supreme Court: The Supreme Court has questioned the nexus of builders and banks in the NCR sector. The court has asked how the banks are transferring loans from 60 to 80 percent without lying a brick of a building. The court has said that buyers are being put into problem without any reason to benefit the builders. The court also said that it will investigate this alliance with the CBI and whoever is found guilty will be punished by finding them from Hades.
What is the matter?
Buyers of some building projects in Greater Noida had arrived, saying that they have not yet got possession of the flat due to the delay done by the builder, but the bank is forcing them to pay EMI. During the hearing, a bench of Justices Surya Kant and N. Kotishwar Singh found that for the half-incomplete building project, the bank is also paying 60 to 80 percent loan amount in the builder’s account under the subvention scheme. When the builder does not pay the EMI, then it is pressurized.
What did the judges say?
The judges said that the money is directly put in the builder’s account. Before doing this, the bank does not even see whether a brick of the project is lying or not? What is the matter of benefiting the builder on behalf of the bank officials and not the matter of earning a profit in return for it? In this way, banks and builders are playing with innocent buyers in collusion with each other? Buyers are being asked for accounts of those money, which they never saw. The money that the bank had put directly into the builder’s account.
CBI sought proposal
A bench of two places asked the Additional Solicitor General Aishwarya Bhati presented to the CBI to talk to the officials. In two weeks, the CBI makes a proposal how it can investigate the matter. Senior lawyers present on behalf of banks opposed this order. He also proposed that the bank will not take any interest until the petitioners get possession of their flat, but the judges said that now your doing so will not solve the main issue. We have to protect all buyers from the damage caused by the connivance of the bank and the builder.
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