Bombay HC declines to re-appeal the order preventing financial institutions in a stalled project from recovering EMIs from cheated home buyers.
23rd September 2020
On Tuesday, the High Court of Bombay dismissed HDFC’s interim application for a prior order not to recapture e-mail from home purchasers, with the majority of the savings of a developer in a scam, in which they raised fixed deposits from unsuspecting people and failed. HDFC denied a previous order request.
Justice Ujjal Bhuyan and Justice Bench Abhay Ahuja listened to HDFC's interim appeal, which was submitted in an original written petition filed by the Maharashtra Co-operative Societies Statute, Anandghan Griharachana Sahakari Sanstha Maryadit, in 1960, representing a flat buyer group that has purchased flats on the 'Anandghan' Initiative.
The High Court previously, in an order dated 26 June 2019, held that the financial institutions (respondents 3 to 26) were, as a temporary measure, in a case not to recapture the EMI of their owners, i.e. the purchasers of their home until the Resolution Professional submit a report.