38.6c New Delhi, India, Thursday, October 09, 2025
Top Stories Supreme Court
Political NEWS Legislative Corner Celebstreet International Videos
Subscribe Contact Us
close
Judiciary

SC favours CBI probe into nexus between banks and builders

By Jhanak Sharma      19 March, 2025 03:52 PM      0 Comments
SC favours CBI probe into nexus between banks and builders

NEW DELHI: The Supreme Court has sought to know from CBI as to how to go about the investigation to address the grievances of homebuyers in the Delhi-National Capital Region, while expressing serious concern in connection with the alleged nexus between banks and builders.

A bench of Justices Surya Kant and N Kotiswar Singh called for a proposal from the CBI on how the central agency would carry out the investigation and also appointed an amicus curiae for assistance in proceeding with the issues.

SC Seeks CBI Proposal on Alleged Banks-Builders Nexus Affecting Homebuyers

The bench said the proposal should be placed before it within two weeks.

"We will definitely have a 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 a time-bound manner," the bench said.

The court was hearing a plea of homebuyers, who claimed that they are being forced by banks to pay EMIs although they have not obtained possession of flats due to delays by builders and developers.

Supreme Court Raises Concern Over Delayed Possession, Seeks CBI Action Plan

"We are not going to certify any institution as bad or good," the bench said, observing that a CBI probe is required in the grievances raised by the petitioners.

The court said it may not certify a single bank free from doubt.

The court asked Additional Solicitor General Aishwarya Bhati to discuss with CBI officers and put up a proposal as to how they would like to proceed with the investigation into the issues.

The court noted that Bhati has assured that such a proposal shall be put up before the court within two weeks.

The bench said it is also of the view that an amicus curiae needs to be appointed, especially one who has expertise and vast investigative and administrative experience besides legal intricacies.

Senior advocate Abhishek Manu Singhvi, who was representing one of the financers, contended that if a particular builder goes insolvent, it's not my fault.

"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," the bench said.

Singhvi suggested that the banks can refrain from charging interest till possession is given. However, the bench said the court is not keen on it.

"It is not going to address the larger issue. It is not going to heal the ailment the entire system is suffering from," the bench said.



Share this article:

About:

Jhanak is a lawyer by profession and legal journalist by passion. She graduated at the top of her cl...Read more

Follow:
FacebookTwitterLinkedinInstagram


Leave a feedback about this
Related Posts
View All

Another CBI Officer Investigating Rakesh Asthana Moves SC Against Transfer, Makes Startling Revelations Another CBI Officer Investigating Rakesh Asthana Moves SC Against Transfer, Makes Startling Revelations

After A.K. Bassi, another CBI officer who was investigating corruption allegations against Special Director Rakesh Asthana moved the Supreme Court.

Ayodhya verdict: SC rules in favour of Ram Lalla, Sunni Waqf Board gets alternate land Ayodhya verdict: SC rules in favour of Ram Lalla, Sunni Waqf Board gets alternate land

SC bench led by CJI Ranjan Gogoi has allotted the dispute site to Ram Janmabhoomi Nyas, while directing the government to allot an alternate 5 acre land within Ayodhya to Sunni Waqf Board to build a mosque.

Supreme Court: Money Spent On Judiciary Less Than 1% In All States Except Delhi Supreme Court: Money Spent On Judiciary Less Than 1% In All States Except Delhi

The court guided all states to document their response to the commission's report within four weeks. If any of the states fail to file a response, it will be presumed that they have no objections to the recommendations made by the commission, the court said.

Supreme Court Top Panel Names Chief Justices for Bombay, Orissa and Meghalaya High Courts Supreme Court Top Panel Names Chief Justices for Bombay, Orissa and Meghalaya High Courts

On April 18, 2020, the Supreme Court Collegium recommended new Chief Justices for three High Courts. Justice Dipankar Datta was proposed as Chief Justice of the Bombay High Court, succeeding Justice B.P. Dharmadhikari. Justice Biswanath Somadder was nominated as Chief Justice of Meghalaya High Court, while Justice Mohammad Rafiq was recommended for transfer as Chief Justice of Orissa High Court.

TRENDING NEWS

pmla-appellate-tribunal-orders-immediate-release-of-seized-bmw-x7-in-hemant-soren-land-scam-case
Trending Crime, Police And Law
PMLA appellate tribunal orders immediate release of seized BMW X7 in Hemant Soren land scam case [Read Order]

PMLA tribunal orders ED to release seized BMW X7 in Hemant Soren land scam case, citing lack of proof linking the luxury car to money laundering.

08 October, 2025 08:06 PM
offence-under-category-of-upholding-family-prestige-sc-orders-release-of-man-on-remission
Trending Judiciary
'Offence under category of upholding family prestige,' SC orders release of man on remission [Read Judgment]

SC orders immediate release of life convict who served 22 years for a murder committed to uphold family honour, citing Maharashtra remission guidelines.

08 October, 2025 08:19 PM

TOP STORIES

allahabad-hc-refuses-interim-protection-to-sambhal-mosque-asks-petitioners-to-approach-appellate-court
Trending Judiciary
Allahabad HC Refuses Interim Protection to Sambhal Mosque, Asks Petitioners to Approach Appellate Court [Read Order]

Allahabad High Court refused interim protection to Sambhal mosque, directing petitioners to seek remedy before the appellate court under UP Revenue Code.

06 October, 2025 04:48 PM
calling-off-marriage-after-courtship-not-a-crime-or-breach-of-promise-delhi-hc
Trending Judiciary
Calling Off Marriage After Courtship Not A Crime Or Breach Of Promise: Delhi HC [Read Order]

Delhi High Court grants bail, ruling that ending marriage plans after courtship is not a breach of promise or offence under false promise to marry.

06 October, 2025 05:03 PM
celebrating-bail-on-social-media-not-ground-for-cancellation-without-specific-threat-to-complainant-delhi-hc
Trending Judiciary
Celebrating Bail On Social Media Not Ground For Cancellation Without Specific Threat To Complainant: Delhi HC [Read Order]

Delhi HC rules that celebrating bail on social media isn’t grounds for cancellation unless a specific threat or intimidation is proven.

06 October, 2025 05:25 PM
woman-cannot-claim-maintenance-after-securing-rape-conviction-against-live-in-partner-jammu-and-kashmir-hc
Trending Judiciary
Woman Cannot Claim Maintenance After Securing Rape Conviction Against Live-In Partner: Jammu & Kashmir HC [Read Order]

J&K High Court held that a woman who secured a rape conviction against her live-in partner cannot claim maintenance under Section 125 CrPC.

06 October, 2025 06:08 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email