NewsTigerG

News that Matters in the life of Comman Man #News #Entertainment #Reveiws #Voice against Curruption and inequality

[NewsTigerG @NewsTigerG]

To: @RBI @RBIsays
The Governor Reserve Bank of India (RBI) Central Office Building, 18th Floor, Shahid Bhagat Singh Road, Fort, Mumbai - 400001, Maharashtra.
And
The Chairperson Insolvency and Bankruptcy Board of India (IBBI)
7th Floor, Mayur Bhawan, Shankar Market, Connaught Place, New Delhi - 110001.
Subject: Formal Complaint and Demand for Immediate Investigation into Predatory Over-Financing, Financial Irregularities, Fraudulent Conduct, and use of Voting Power by ARCIL to force housing project in liquidation (Asset Reconstruction Company (India) Ltd.) in the Insolvency Process of Vijay Group Housing Pvt. Ltd. (Vijay Estate Vakas Project)
@PMOIndia @FinMinIndia
Respected Sir/Madam,

We, the home buyers of Vijay Group Housing Ltds housing project at Vijay Estate Vakas, Neral Maharastra, formally demand an immediate high-level joint investigation by the Reserve Bank of India (RBI) and the Insolvency and Bankruptcy Board of India (IBBI) into the lending practices of L&T Finance Ltd., L&T Housing Finance Ltd., and Aditya Birla Finance Ltd., as well as the subsequent use of dominant voting power by ARCIL (Asset Reconstruction Company (India) Ltd.) in the Corporate Insolvency Resolution Process (CIRP) of Vijay Group Housing Pvt. Ltd. (VGHPL) concerning the “Vijay Estate Vakas” project.

1. Evidence of Reckless Over-Financing and Negligence (Audited Financial Report and Transaction Audit Report by Pipara & Co. – “Audit Transaction Report Vijay Group Housing Ltd”) The lenders sanctioned and disbursed exorbitant loans to VGHPL during a period when the company was fundamentally non-viable.
L&T Finance and L&T Housing Finance sanctioned an aggregate of ₹300 crores (₹185 Cr and ₹115 Cr respectively) under loan agreements dated 28 June 2017.
Despite the project being severely delayed and the Corporate Debtor showing clear signs of financial distress, a total of ₹212.32 crores was disbursed. The Transaction Audit Report by Pipara & Co. explicitly reveals that the company was incurring significant losses:
- FY 2015-16: Net Loss of ₹59,07,270
- FY 2016-17: Net Profit ₹45,10,779 (marginal)
- FY 2017-18: Net Loss of ₹7,85,86,334
- FY 2018-19: Net Loss of ₹7,73,624
The fixed assets of Vijay Group Housing Ltd. were grossly inadequate to secure such huge loan amounts. The granting of these massive facilities to a loss-making entity demonstrates a complete failure of due diligence and raises serious concerns of collusive or predatory lending.
2. Impact on 296 Vulnerable Homebuyers The project involves 296 homebuyers, many of whom are senior citizens, retirees, or from lower-middle-class backgrounds. Most have paid 98% to 100% of the flat cost, with several buildings 90% complete. These buyers were also granted subsidies under the Pradhan Mantri Awas Yojana (PMAY). Despite this, they are now rendered homeless due to the lenders’ actions and the subsequent insolvency process.

3. Voting by ARCIL and Adity Birla for liquidation of home buyers housing project.

The lenders (and subsequently ARCIL, which acquired the stressed assets) have utilized their inflated debt claims — resulting directly from the reckless over-financing — to dominate the Committee of Creditors (CoC) and Stakeholders Consultation Committee (SCC).
In the 15th CoC meeting, lenders holding over 81% voting share (ARCIL ≈ 71.89% and Aditya Birla Finance ≈ 9.61%) rejected a revised resolution plan that could have completed the homes for the buyers and opted instead for liquidation. This effectively silenced the homebuyers’ 11.28% vote, which strongly favored resolution.
This constitutes clear misuse of voting power by ARCIL to force liquidation instead of value-maximizing resolution, in violation of the spirit of the Insolvency and Bankruptcy Code, 2016.
Resolution plan of Value 123 CR was rejected and now in liquidation value of the project approved for liquidation is reduced to 106 CR, by these lenders entities

4. Demands for Action The Home Buyers Association demands the following from RBI and IBBI: - RBI: Immediate investigation into the lending practices of L&T Finance, L&T Housing Finance, and Aditya Birla Finance, and consideration of cancellation or suspension of their NBFC/banking licenses for unethical lending, failure of due diligence, and failure to monitor end-use of project funds.
- IBBI: Urgent investigation into the conduct of the CoC, Resolution Professional, and specifically the misuse of dominant voting power by ARCIL that led to the rejection of a viable resolution plan and forced liquidation, in clear prejudice to homebuyers’ interests.
- Joint Referral: Hand over the case to the Enforcement Directorate (ED) and CBI to investigate the siphoning of project funds and the “created bankruptcy” of Vijay Group Housing Pvt. Ltd.
- Protection of Homebuyers’ Rights:
The “Going Concern” status of the project must be prioritised over liquidation to protect the life savings of 296 families.
We trust that your esteemed offices will treat this matter with the utmost urgency to prevent this systemic financial fraud and to safeguard the interests of vulnerable homebuyers under the provisions of the RBI Act, the Insolvency and Bankruptcy Code, and other applicable laws.
The Association is ready to provide all supporting documents, including the attached audit reports, CoC meeting minutes, and NCLT orders, for your immediate perusal.
Sincerely,
For Vijay Estate Vakas Home Buyers Association
Mr. Chandrakant Dandekar
Chairman
Contact: 9920427526
Email: [email protected]

1. Audited Financial Statements and Transaction Audit Report (Can be sent on email on request)
2. Relevant CoC Meeting Minutes (15th Meeting Can be sent on email on request)
3. NCLT Order dated 10 March 2026 (Can be sent on email on request)
4. List of Homebuyers and Payment Proofs (Can be sent on email on request)

[AftabAhmed @aftabahmed06]

@muralitwit CM से PM तक, वही डर:
मोदी कठिन इंटरव्यू सवालों का सामना करने से बहुत डरते हैं।
वो बस बाहर निकल जाते हैं।

करन थापर से पूछो
विजय त्रिवेदी से पूछो।

-Sheetal Singh, Senior Journalist

[NewsTigerG @NewsTigerG]

Gen Z Says BJP is not owner of this country
https://t.co/LgMbgWLYNK

[NewsTigerG @NewsTigerG]

विकास अब बड़ा हुआ है!
विकास अभी नानबायोलॉजिकल होने जा रहा है

[ABP माझा @abpmajhatv]

Pune Talegaon Dabhade : पुण्यात रस्ताच फुटला, जमिनीतून पाण्याचे फवारे

#pune #talegaon #dabhade #maharashtrarain #maharashtramonsoon #imd #rainalert #abpमाझा #abpmajhalive #marathinews #maharashtrapolitics

[Suresh Kapse @sureshkapse]

अयोध्या में राम मंदिर चोरी कांड के बाद घटे श्रद्धालु? स्थानीय व्यापारियों  ने जताई चिंता !!

[Abhijeet Dipke @abhijeet_dipke]

Must watch

[NewsTigerG @NewsTigerG]

निरंतर जारी हैं स्टूडेंट्स का आंदोलन #कोकरोच_जनता_पार्टी
https://t.co/CETaCzwJmf

[Home Buyer Awareness MH 🇮🇳🇮🇳 🇮🇳 @Ambernath_MH]

🚨 Dear #MAHARERA, protect homebuyers! 🏠 Stop RERA registration for projects granted Commencement Certificates (CC) with alleged irregularities in Ambernath, Badlapur, Kalyan, Dombivli, Ulhasnagar & Mumbra. Ensure strict scrutiny and accountability. ⚖️ #HomeBuyers #RERA

[Vanchit Bahujan Aaghadi @VBAforIndia]

📍मालेगाव, नाशिक

टीईटी पेपरफुटीची नैतिक जबाबदारी स्वीकारून राजीनामा द्या; शिक्षणमंत्री दादा भुसे यांच्यासोबत सम्यक विद्यार्थी आंदोलनाच्या पदाधिकाऱ्यांच्या झालेल्या बैठकीत मागणी करण्यात आली.

टीईटी पेपरफुटी आणि शिक्षकांच्या विविध मागण्या आठ दिवसात मान्य करा अन्यथा पुन्हा दादा भुसे यांच्या निवासस्थानासमोर पुन्हा राज्यव्यापी आंदोलन करण्यात येईल, असा इशारा सम्यक विद्यार्थी आंदोलनाच्या वतीने बैठकीत देण्यात आला.

#TETExam #Exam #SVA

[Dr. SP @sphavisha]

If the people of a city that contributes nearly one-third of India's income tax don't question a BJP government that's busy shopping for MPs and MLAs instead of fixing basic infrastructure, then its natural for Mumbai-style waterlogging becoming new normal across the country.

[NewsTigerG @NewsTigerG]

रुके ना जो हम वो इंकलाब है!
संजय सिंग ने गाया गीत, कॉकरोच जनता पार्टी के रैली में स्टूडेंट्स की मांग को दिया समर्थन!
हर शहीद का गरीब का हामी तो ख्वाब है #जयहिंद #वंदेमातरम #Cochrochjantaparty
https://t.co/2jUwXlrZNZ

[NewsTigerG @NewsTigerG]

मुंबई की मेयर साहिबां समंदर किनारे बैठे लोगों को बरसात व् अंधी के डेंजर ... https://t.co/EtAdVqJayj via @YouTube

[NewsTigerG @NewsTigerG]

पुलिस गाड़ी से पैसा निकलते हुवे , अधिकारी की कमाई कितनी होगी #cockroachjanataparty ... https://t.co/NFqM2Z0Vag via @YouTube

[Suresh Kapse @sureshkapse]

तेल के साथ गन्ने का जूस मिला दोगे तो तेल का टंकी तो चोक होगा ही - सुन ले कान खोल कर पुत्रमोहि गद्दारकरी 😡

[Pune Mirror @ThePuneMirror]

In a deeply embarrassing development, potholes have appeared on the newly inaugurated Mumbai-Pune Missing Link project within just two months of its launch, raising serious questions about the quality and durability of the ambitious infrastructure project. A viral video shared on Instagram showed two large potholes near the expansion joint of the cable-stayed bridge on the 13.3-kilometre stretch, triggering widespread outrage among citizens and commuters. The Maharashtra State Road Development Corporation (MSRDC) confirmed the incident, attributing the damage to heavy rainfall, and claimed that repair work was completed on priority after the contractor and officials were immediately directed to fix the potholes. Inaugurated by Chief Minister Devendra Fadnavis on Maharashtra Day in the presence of Deputy CMs Eknath Shinde and Sunetra Pawar, the Missing Link was designed to bypass Bhor Ghat and reduce Mumbai-Pune travel time by 25 to 30 minutes. However, the early appearance of potholes has left citizens questioning whether crores of rupees of public money have been well spent.

VC : @storiesbyraahuulll

#MumbaiPuneMissingLink #Potholes #MSRDC #InfrastructureQuality #MumbaiPuneExpressway

[NewsTigerG @NewsTigerG]

शहर हो तो ऐसा वरना ना हो , स्वीमिंग पूल का अनुभव हर तरफ #mumbairains ... https://t.co/j56CkZQWBW via @YouTube

[NewsTigerG @NewsTigerG]

सोनम वांगचुक अनशन का सातवा दीन #cockroachjantaparty #abhijeetdipke https://t.co/XAxMRxg6zX via @YouTube

[NewsTigerG @NewsTigerG]

@ArvindKejriwal

[The Times Of India @timesofindia]

In a bizarre administrative anomaly that has left the local health department scrambling for answers, a proposed 100-bed civil hospital in #Indore's Khajrana area has been fully functioning "on paper" for six years, despite not having a single brick laid, or even a finalized plot of land.

Six years ago, #MadhyaPradesh state government announced the setting up of a modern civil hospital in Khajrana.

More details 🔗https://t.co/BUkO3lzHsD

Read the full story on the TOI App 👉https://t.co/ogFaRsVinV

[The Times Of India @timesofindia]

In a bizarre administrative anomaly that has left the local health department scrambling for answers, a proposed 100-bed civil hospital in #Indore's Khajrana area has been fully functioning "on paper" for six years, despite not having a single brick laid, or even a finalized plot of land.

Six years ago, #MadhyaPradesh state government announced the setting up of a modern civil hospital in Khajrana.

More details 🔗https://t.co/BUkO3lzHsD

Read the full story on the TOI App 👉https://t.co/ogFaRsVinV

[राष्ट्रभाषा | National Language @Rashtrabhasha_]

आदरणीय पंतप्रधान श्री नरेंद्र मोदी यांच्या आशीर्वादाने आणि इन्फ्रामॅन देवेंद्र फडणवीस यांच्या नेतृत्वाखाली व ज्येष्ठ सिव्हिल इंजिनियर अतुल भातखळ साहेब यांच्या मार्गदर्शनातून भाजपने बांधला गतीरोधक.

जगभरातून कौतुकाचा वर्षाव, जळणारे जळत रहा!

चित्रफित सौजन्य: @MHKaryakarta

[Anuradha Tiwari @talk2anuradha]

This is the condition of roads in smart cities.

This is how entrepreneurs reach their offices.

Indra Nooyi is 100% right.

Merit cannot thrive in a country that fails to provide basic infrastructure.