ORDER :

1. This batch of cases, comprising more than 170 petitions have been filed by over 1200 homebuyers/borrowers. They have raised an issue of paramount importance re: the systematic failure of statutory and government authorities to discharge their functions, circumvention of regulatory framework by Banks and Housing Financial Corporations, and the resultant illicit benefits said to have been drawn by builders/developers at the cost of the homebuyers, who are now bearing the brunt of such failures.

2. The common background of each of these matters, as noted by this Court on 04.03.2025 also, is that the builders/developers advertised the 'subvention schemes' assuring payment of the EMI/pre-EMI(s) of the home-loans taken by the homebuyers to purchase the units in their projects till a specified cut-off date or till the date of delivery of possession. The scheme was implemented in most cases by taking loans through a tripartite agreement among the bank/financial institution, homebuyer(s), and the builder/developer. While these projects were launched in the years 2013-2015, most of the builder/developers started defaulting in payment of EMIs in the years 2018-2019. Resultantly, the banks began to demand payments from the homebuyers, and consequential failure to make the payments led to the coercive actions against the homebuyers, despite the units being incomplete and there being no occasion to offer possession.

3. Some of the aggrieved homebuyers approached the High Court of Delhi, and having failed to get the desired relief, they have approached this Court under Article 136, while some others have invoked the writ jurisdiction of this Court for similar reliefs.4. When the matter came up for hearing on 05.11.2024, this Court directed the parties to furnish the detailed information relating to the following aspects:

"(i) The status and details of the payments made by the builder-cum-developers to the financial institutions or such payments made by the home-buyers to the financial institutions/builder-cum-developers.

(ii) The date of offering possession to the home-buyers, where the project is stated to have been completed.

(iii) The current status of completion of the project, including the details of the Completion Certificate and other statutory certificates granted by the prescribed authorities, along with details of the possession given or offered to the home-buyers.

(iv) The status of recovery from the home-buyers, namely, whether they have made EMI payments to the banks or not.

(v) The amenities advertised by the builder-cum-developers at the time of launching the project and the status re: completion thereof.

(vi) The status as to whether the builder-cum-developers has undergone CIRP (under IBC) or any other coercive or non-coercive recovery procedure, and the stage of such proceedings.

(vii) Whether the home-buyers have received any relief or remedial order from the statutory authorities like Real Estate Regulatory Authority (RERA). If so, the details of such orders be also furnished."

5. On receipt of that information, this Court, on 04.03.2025, prima facie found that there was some unholy nexus between the banks/Housing Financial Corporations on one hand and the builder-cum-developers on the other. It was in this context that the Central Bureau of Investigation was asked to be represented on the next date of hearing.

6. On 18.03.2025, le