By Sumit Saxena
New Delhi, Oct 30 (IANS) The court-appointed receiver in the Amrapali housing projects has informed the Supreme Court that loans granted under the subvention scheme continue to be riddled with several issues.
The receiver, senior advocate R Venkataramani, has recommended that proceedings pending against home buyers, initiated by banks before any forum, shall not be pursued and the CIBIL score of home buyers should not be affected by any of the proceedings initiated by banks against home buyers.
The receiver said under the scheme Amrapali defaulted heavily in the discharge of its obligation after March-May 2017, neither construction commenced in these projects and Amrapali did not make any arrangements regarding payment of EMI obligation.
The receiver suggested that the amounts paid by home buyers during the default period be adjusted by banks suitably towards the principal amount sanctioned by the banks and the interest penalty levied or calculated by banks during the Amrapali period, should not be treated as the liability of buyers.
“In all such cases of subvention agreements, proceedings were initiated by banks against home buyers before DRT. Since the non-payment of EMI obligation by Amrapali was considered and treated by banks as home buyer’s defaults (wrongly), the CIBIL score of home buyer also got eroded. As a result, their ability to secure loan further has been adversely affected”, said a suggestion.
The receiver said the upfront disbursal by banks under subvention schemes were in contravention of several advisories and circulars issued by the RBI. A large number of home buyers started paying the EMIs, which Amrapali should have paid. “These are home buyers whose units till recently were yet to be brought into the construction schedule”, the receiver said.
The receiver has submitted that since home buyers were under no obligation to pay any EMI till the completion of the project, the liability of the home buyer begins only after the completion of the projects. “During the last 3 years or more, ever since Amrapali defaulted under subvention scheme amounts paid by the home buyer were not actually due from them”, said the receiver in a suggestion.
Kumar Mihir, advocate for home buyers’ in the case, said the issue of subvention buyers and restructuring of their loan accounts is complex but very important as a huge amount will come from these buyers who are the worst sufferers of the fraud by the Amrapali group. “On one hand they paid a higher rate than other buyers with a hope that the EMI till possession will be paid by Amrapali and on the other hand, almost all of them are facing cases in DRT or cheque bouncing cases”, added Mihir.
The receiver has suggested that all proceedings pending against home buyers, initiated by banks before any forum, shall not be pursued and the CIBIL score of home buyers shall not be affected by reason of any of the proceedings initiated by banks against home buyers.
(Sumit saxena can be contacted at [email protected] )