Udaipur, October 15 (Daily Kiran): The Enforcement Directorate (ED) has restored flats, commercial units, and plots worth ₹175 crore in Udaipur’s Royal Rajvilas project to more than 200 homebuyers who had been waiting for possession for over 12 years.
According to the ED, the restored properties include 354 flats, 17 commercial units, and two plots belonging to the Royal Rajvilas project, developed by Udaipur Entertainment World Private Limited (UEWPL). The current market value of the project is around ₹175 crore.
The case relates to a money laundering investigation against Bharat Bomb and others, accused of defrauding Syndicate Bank (now Canara Bank) of ₹1,267.79 crore between 2011 and 2016. In 2019, the ED had attached properties worth ₹535 crore, including assets valued at ₹83.51 crore belonging to UEWPL.
Later, the company was admitted for insolvency before the National Company Law Tribunal (NCLT), Mumbai. The NCLT approved a resolution plan in February 2022 and lifted the ED’s earlier attachment order. The matter then moved through various legal stages, including the Rajasthan High Court, before being resolved.
The ED verified the details of all genuine homebuyers whose claims had been accepted by the NCLT and took a proactive approach to restore the attached properties. This step was taken to protect the interests of the 213 homebuyers who had invested their hard-earned money but were unable to receive possession due to prolonged legal disputes.
With the latest order, the attached assets worth ₹175 crore have now been officially restored for the benefit of these homebuyers, ending a 12-year-long wait and more than seven years of legal proceedings involving the Royal Rajvilas project.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
