In a major relief for home buyers who have not got possession of their flats across the National Capital Region (NCR), the Supreme Court has directed that no coercive action shall be taken against them by banks, financial institutions or builders over EMI payment and no cheque bounce cases will be entertained against them.
The top court was hearing a batch of pleas against an order of the Delhi High Court which had dismissed petitions by several home buyers seeking directions to banks and financial institutions to not charge Equated Monthly Instalment (EMI) till the real estate developers have delivered the possession of their flats.
Aggrieved by the order, the home buyers moved the top court which agreed to examine the issue and sought response from the parties involved.
A bench of Justices Surya Kant and Ujjal Bhuyan issued notices to the Centre, banks and others on the pleas filed against the high court order dated March 14, 2023.
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