Bengal Tribunal Blocks Yes Bank from Seizing Flats Over Developer Default

Dated on: Wednesday 5th February 2025

The West Bengal Real Estate Appellate Tribunal has intervened to prevent Yes Bank from seizing flats in New Alipore, Kolkata, due to a default by the developer on loan payments. The ruling was made in favor of homebuyers, asserting that their rights take precedence over financial institutions' claims. This decision highlights the tribunal's stance on safeguarding consumers in the real estate sector, particularly in cases involving developer defaults.This judgment is considered a landmark, setting a precedent for protecting homebuyers' interests against banking institutions' recovery proceedings in real estate projects.