Reckless release of sanctioned loan in absence of construction cannot put homebuyers in peril: Karnataka High Court

The Court granted relief to over 30 homebuyers, who challenged the coercive measures imposed by Punjab National Bank Housing Finance Limited (PNBHFL) after they withdrew their flat bookings.
Karnataka High Court
Karnataka High Court

The Karnataka High Court recently held that if banks disburse loans to developers without ascertaining the stage of construction of a project, they cannot resort to coercive measures against homebuyers. [Mudit Saxena v. Union of India]

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