HC frees the buyer from collecting the loan

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The Delhi High Court has granted temporary protection to a homebuyer in the Shubkamna City residential project in Greater Noida West from a loan recovery action initiated by the bank.

Having suspended proceedings before the Debt Collection Tribunal (DRT) in Delhi initiated by the Maharashtra Bank, the Vipin Sangi Judicial Panel and Judge Jasmit Singh stated: “In our prima facie view, it appears that the applicant [homerbuyer] was taken by the builder for a walk, and it was not the plaintiff who received the loan amount ”.

“The bank has paid the developer the amount of the loan, and in these circumstances it remains to be seen whether the applicant bears any responsibility,” the Court said.

The court’s decision was made at the request of Hridesh Kumar Pathak, who booked an apartment in the Shubkamna City project developed by Shubhkamna Buildtech Private Limited in 2016. According to an agreement with the builder, signed in October 2016, the ownership of the apartment was to be owned and delivered within 45 months, including a grace period of six months, after the start of construction, without specifying a start date for construction.

Apartments not built

Anshul Gupta’s lawyer representing Mr. Pathak argued that the home buyer and developer entered into and signed a tripartite agreement in January 2017 with Maharashtra Bank for a loan of 32.5 lakh to finance the purchase of an apartment. The bank paid the developer a total of £ 27.63,000. However, the apartments have not been built.

In 2018, the Tribunal for Domestic Companies initiated a resolution process for the developer, followed by a moratorium pursuant to section 14 of the 2016 Insolvency and Bankruptcy Code.

Gupta’s attorney also presented a settlement plan approved by an 87.60% majority, pending approval before the NCLT.

Taking note of the submission, the court stated: “The settlement plan appears to have entered into force and there will be no reason at this stage to subject the applicant to ongoing DRT proceedings.” He suspended the DRT proceedings until further notice.

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