Cracking down on delays in the construction of residences, the Supreme Court has ordered a CBI probe into a “nexus” between builders and banks in projects in Delhi, National Capital Region (NCR), Mumbai, Chandigarh, Mohali and Kolkata.
During a hearing on Tuesday, a bench of Justices Surya Kant and N Kotiswar Singh, directed the CBI to register seven preliminary enquiries (PE) and set up a special investigation team (SIT). The directors general of police (DGPs), who are the top-ranking police officers, of Uttar Pradesh and Haryana have also been asked to provide police officers to the CBI to aid in the investigation.
One of the companies against which a PE will be registered is Supertech. The Supreme Court, which will monitor the case and hear it every month, has ordered a preliminary investigation of projects located in Noida, Greater Noida, Yamuna Expressway, Gurugram and Ghaziabad in Delhi-NCR.
An investigation will also be carried out on other builders who have projects in Delhi-NCR, Mumbai, Chandigarh, Mohali and Kolkata, and the CBI has been asked to submit an interim status report.
EMIs Deducted
The Supreme Court noted that there are banks/non-banking financial companies (NBFCs) on the one hand and builders on the other and there is a “nexus” between them. Homebuyers’ EMIs, it said are being deducted on schedule without possession being provided.
