Supreme Court Directs ED to Restore ₹175 Crore Real Estate Assets, Ending 12-Year Wait for 213 Homebuyers
The Enforcement Directorate (ED) has restored flats, commercial units, and plots worth approximately ₹175 crore to over 200 homebuyers who had been awaiting possession of...
The Enforcement Directorate (ED) has restored flats, commercial units, and plots worth approximately ₹175 crore to over 200 homebuyers who had been awaiting possession of their properties for more than 12 years, the agency announced on Tuesday.
The properties are part of the Royal Rajvilas (RRV) project in Udaipur, Rajasthan, comprising 354 flats, 17 commercial units, and two plots.
Background of the Case
The legal saga traces back to a money laundering investigation against businessman Bharat Bomb and others, who allegedly defrauded the Syndicate Bank (now Canara Bank) of ₹1,267.79 crore between 2011 and 2016.
In April 2019, the ED attached properties worth ₹535 crore, including ₹83.51 crore in unsold inventory of Udaipur Entertainment World Private Limited (UEWPL). Subsequent litigation led the NCLT, Mumbai to admit UEWPL into insolvency and approve its resolution plan in February 2022, vacating the ED’s earlier attachment order in the process.
However, the ED was not impleaded in NCLT proceedings, prompting disputes that reached the Rajasthan High Court, which recognized that the ED’s interests had been compromised. The matter was then taken to the Supreme Court, where a consensus was sought to protect bona-fide homebuyers who had invested their savings in the project but could not obtain possession.
Restoration of Properties
Acting on Supreme Court directions, the ED collaborated with the Resolution Professional and new UEWPL management to verify homebuyers’ claims. The agency submitted a No Objection Certificate to facilitate restitution of the attached properties, while ensuring compliance with the Prevention of Money Laundering Act (PMLA).
On October 10, 2025, the Supreme Court ordered the restoration of these assets to the Successful Resolution Applicant of UEWPL, exclusively for the benefit of the 213 genuine homebuyers.
The Court noted that the decision addressed the unique circumstances of the case, without establishing legal precedent, and lauded the ED for its proactive and cooperative role in safeguarding homebuyers’ interests.
Significance
This resolution ends a 12-year-long wait for over 200 homebuyers, providing relief from prolonged litigation and stalled property possession. The case underscores the challenges in balancing enforcement of financial crime laws with protection of innocent investors, and illustrates how cooperative engagement between the judiciary, regulatory authorities, and resolution professionals can deliver equitable solutions.