O R D E R

% 08.01.2026

CM APPL. 928/2026

Exemptions granted, subject to all just exceptions.

The application is disposed of.

W.P.(C) 196/2026

1. This is a writ petition filed under Article 226 and 227 of the Constitution of India seeking the following prayers:-

“1. Allow the instant Petition thereby issuing a Writ of the Mandamus or any other appropriate writ directing the Respondent no.1 banks/NBFCs to not charge the pre-EMIs or full EMIs from the Petitioners under subvention plan scheme till the delivery of possession of booked that;

2. Issue a Writ of Mandamus or any other appropriate writ directing the Banks/NBFCs I.e. Respondent No.1 to charge all the pre-EMIs/full EMIs from the Respondent No.3 till the possession is not delivered from the Respondent builders;

3. Issue a Writ of Mandamus or any other appropriate writ directing Respondent No 1 & Respondent No. 3 to not take coercive steps/ action against petitioners under The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) and not to take coercive steps against petitioners;

4. Issue a Writ of Mandamus or any other writ directing the Respondent No.2 to ensure the proper guidelines are followed by the respondent banks/NBFCs pertaining to the subvention scheme prevalent in the real estate sectors;

5. Issue a Writ of Mandamus or any other appropriate writ directing the Respondent state to make sure that the Petitioners are provided his booked flat in a time bound manner,

6. Pass an appropriate order or direction against Respondent No 2 for initiating strict action against Respondent banks/NBFCs for violating the rules and regulations laid down by Respondent No 2 as a regulator for the banking sector;”

2. Ms. Jain, learned counsel for the petitioner, states that respondent No. 3 launched the project namely “Shri Radha Aqua Gardens” situated at Plot No. GH-05A, Sector 16B Greater Noida, Noida (W), Uttar Pradesh and the petitioners booked residential units in the said project for the unit bearing no. LAG/106 and LAG/306.

3. Thereafter, the petitioners took loan from respondent No. 1 under Subvention Scheme on the booked flats and have already paid an amount of Rs. 31,89,371/- and Rs. 33,64,996/-, for the units bearing no. LAG/306 and LAG/106 in the project of respondent No.3.

4. The petitioners paid the upfront booking amount of Rs. 3,97,113/- and 4,20,600/- and thereafter availed a housing loan under subvention schemeand the respondent No. 4 disbursed the amount of Rs. 30,000,00/- and Rs. 30,449,71/- in favour of the respondent No. 3 for construction and development of the said units within stipulated period.

5. As per the tri-partite agreement dated 26.06.2018, the respondent builder i.e., respondent No. 3, was to pay the pre EMI unless transfer of possessionhas been offered to the homebuyers/ petitioners.

6. The respondent builder was to give possession of the said units after execution of sub lease deed in favour of the petitioners in respect of the units built.

7. However, the respondent builder has failed to either make the units ready for possession and the respondent No.3 has also failed to pay the EMIs to the respondent No.1.

8. Ms. Jain, learned counsel for the petitioner, states that the petitioners are bona fide home buyers. The petitioners have paid amounts out of their own savings to buy the units in the project of respondent No.3.

9. The respondent No.3 has received the consideration and despite the same, the flats are neither ready for possession nor the EMIs are being paid by the respondent No. 3.

10. She draws my attention to the RBI’s circular dated 03.09.2013 which reads as under:-

11. The matter needs consideration.

12. For the said reasons, issue notice to the respondents through all modes including electronic on the petitioner taking steps within 1 week from today, returnable on 10.04.2026.

CM APPL. 927/2026

13. This is an application filed under Section 151 of CPC, 1908 seeking the foll