In Brief
Four flat buyers challenged the National Consumer Dispute Redressal Commission's dismissal of complaints against ICICI Bank for issuing loan recall notices, alleging unfair practices and RBI guideline violations. During Supreme Court proceedings, all three parties—borrowers, builder, and bank—negotiated a comprehensive settlement. The Court endorsed the agreed terms: the builder paid its share of pre-EMI charges, borrowers paid outstanding principal and interest (discounted 30%), and balance sale consideration to the builder. The bank issued no-objection certificates. The Court directed the bank to remove 'settlement' from records (treating the loan as 'repaid'), the builder to deliver possession by 31 March 2025, and all recovery proceedings to be withdrawn, achieving complete closure of the dispute.
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