Delhi High Court - Orders
Mr Rajesh Kumar & Anr vs Indiabulls Housing Finance Limited & ... on 8 January, 2026
Author: Jasmeet Singh
Bench: Jasmeet Singh
$~64
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ W.P.(C) 196/2026
MR RAJESH KUMAR & ANR. .....Petitioners
Through: Ms. Muskan Jain, Mr. Ayush Tyagi,
Advs.
versus
INDIABULLS HOUSING FINANCE LIMITED & ORS.
.....Respondents
Through:
CORAM:
HON'BLE MR. JUSTICE JASMEET SINGH
ORDER
% 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 This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 09/01/2026 at 20:41:36 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 This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 09/01/2026 at 20:41:36 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:-
This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 09/01/2026 at 20:41:36 This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 09/01/2026 at 20:41:36
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. 927/202613. This is an application filed under Section 151 of CPC, 1908 seeking the following prayers:-
prayers:
"a. Issue a Writ of Mandamus or any other appropriate writ, granting the ad interim ex-parte ex parte stay in favor of the petitioner and against the Respondent No. 3 & 4 directing them to not take any coercive action under Payment and Settlement Systems Act, 2007 or SARFAESI Act, 2002 against the Petitioners who have availed loan under Subvention Plan Scheme."
14. Prima facie the circular of the RBI (reproduced above) issued scheduled commercial banks show that the banks are required to disburse This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 09/01/2026 at 20:41:36 payment according to various stages of construction of housing projects.
15. In the present case, the respondent No. 1 seems to have dispersed the entire loan in one go to the respondent No. 3 without there being any construction in the proposed project namely "Shri Radha Aqua Gardens"
situated at Plot No. GH-05A, Sector 16B Greater Noida, Noida (W), Uttar Pradesh, wherein the petitioners had booked residential units bearing no. LAG/106 and LAG/306.
16. Respondent No. 1 being a financial institution would be governed by the circular of the RBI and the transaction prima facie seems to be in violation of the RBI guidelines and circular.
17. 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.
18. Till the next date of hearing, respondents No. 3 and 4 are restrained from taking any coercive action against the petitioners.
JASMEET SINGH, J JANUARY 8, 2026/AS This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 09/01/2026 at 20:41:36