NewsTigerG

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[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)

[Hansraj Meena @HansrajMeena]

आस्था यदि स्वच्छता, वैज्ञानिक सोच और मानव गरिमा को पीछे छोड़ दे, तो वह समाज के लिए बोझ बन जाती है। इंसानों की भूख, शिक्षा और स्वास्थ्य से ज़्यादा कर्मकांड को महत्व देना एक सभ्य समाज की विफलता है !

[NewsTigerG @NewsTigerG]

@aajtak मंदिर तो चढ़ावे के लिए ही बना था

[Sagarika Ghose @sagarikaghose]

Heavy police deployment and a ROUTE MARCH outside @MamataOfficial 's residence. Why? for what reason? What on earth is going on in Bengal with the @BJP4India government in charge? A child has been shockingly raped and murdered , instead of restoring law and order BJP is trying to muzzle the Opposition.

[Duaa 🤲🇮🇳 @Duaa_1206]

In Kanpur

Danish ali was beaten & his auto was seized despite showing all the documents

Police allegedly trashed him saying " Musalman ko marunga aur Jail mein dalunga

"katwo se bolte kyu ho" says another police

This is the level of hate & Discrimination Muslim faces in India

[NewsTigerG @NewsTigerG]

क्या हो रहा है जंतर मंतर पर
https://t.co/zYwkFFslUZ

[NewsTigerG @NewsTigerG]

रास्ता धस गया खराब है और टोल वसूला जा रहा है
https://t.co/7m4Uwe2U6y

[NewsTigerG @NewsTigerG]

To, Respected.
Ms. Nirmala Sitaraman Madam.
Minister,
Ministry of Corporate Affairs (MCA)
5th Floor, A-Wing, Shastri Bhawan, New Delhi-110001
Date: 01-12-2025.
@nsitharaman @nsitharamanoffc @MCA21India @MoHUA_India @BJP4India @RSSorg @PMOIndia @rajnathsingh @LokSabhaSectt
Subject: Request to amend the Insolvency and bankruptcy code 2016 and make provisions in law to provide homes to home buyers for real estate project gone in Liquidation.
Protect and Save subsidy given by PM Modi ji to purchase these houses, which are forced in liquidation by lender banks for their exorbitant loan of 341 CR while builders asset were not worth to give such loan.
We are paying EMI of housing loan while we have not received possession of our house. There is no provision to deal with such situation in IBC code.

We humbly Request for.

1) Even in the state of liquidation to maintain the harmonious stand with RERA law, the home buyers who has registered agreement as per RERA, liquidator should not include the homes of home buyer in liquidation estate as home buyers are customers of corporate deter, and provisions of IBC must ensure the home buyers get their homes.

Summary : As the lenders have given 431 Crore loan to real estate company Vijay group housing ltd, company which had no such asset value worth to provide such huge loan, builder siphoned off money almost all money, and was absconding, no action on recovery has happened, 291 home buyers have paid 99 % of the consideration amount, agreement register and agreement as per RERA home buyers are mentioned as allottee, Lenders had high percentage of vote in COC due to huge exorbitant loan given to builder, lenders voted for liquidation, during the CIRP they did not approved a resolution plan value 120 Crore for company which was giving homes to home buyers.
Now in liquidation the asset value was reduced to 106 Crore and is further reduced and home buyer’s flats are also forcibly included, in asset of liquidation.
Hence request you to take appropriate action, and direct liquidator to remove our flats from asset of liquidation.
Amend and make provisions in the Insolvency and bankruptcy code to ensure such events are taken care and even in the state of liquidation home buyers get their homes.
A House is a dream of an entire family, millions of such family then transforms this dream in to the dream of entire nation our bellowed Bharat. Resolution Professionals/ Liquidator must ensure giving possession of houses to home buyers. In the state of liquidation too home buyers must get their homes. Provisions of IBC code should be made harmonious to RERA.

Respected Madam,
We home buyers of the Vijay group Housing ltds housing project at Vijay Estate Vakas Neral are waiting from year 2017 till date for possession of our purchased homes. About 291 families are affected financially and psychologically. Many home buyers have died homeless.
We are lower income group home buyer’s majority of us are retired or about to retire in few years, even old aged with no financial support and many of us are staying in rented houses, staying in relative’s house on their mercy, many have paid Provident funds money to purchase the house, and now we are not having financial capacity to purchase a house again, many of us are paying EMI of home loans for house in this project. One home buyer’s wife is suffering from disease like cancer, one son of our home buyer is bedridden, and many of the senior home buyers are bedridden.
Many home buyers will not be able to buy a home again due to such huge financial strain.
Which in turn has a devastating effect on fundamental rights, the right to Life. Majority of home buyers have taken home loans from banks and still pay EMI of their home loans regularly. Some home buyers have sold their old homes in Thane, Mumbai and paid for new homes at said project of Vijay Group housing LTD at Vijay Estate Vakas Neral and staying in rented homes now, the situation has devastating effect on the life of home buyers.
Salaries are going in repayment of home loans, rents for existing accommodations, home buyers have no or less income due to retirement. It has become very difficult for us to meet the expenses for our life, education of children, medical treatments, due to old age, electricity bill, and food.
Situation would have been different if we had received our home's possession after payment of so much money.
Few home buyers have died due to financial stress in their life.
1) Mr Ashish Dandekar, one home buyer aged 70, died giving up food in a very bad financial state.
2) Dr Kagaglkar died due to the shock of a delayed housing project and paying EMI for a housing loan without getting a house.
3) Mr.Pawar died due to financial stress created in his life due to financial problems that arose due to the delayed housing project.
4) Mr.Rege age 68 died due to stress created due to the financial burden created due to delay in the housing project.
5) Mr.Sherpeka one home buyer's son is suffering from severe muscular disease and is bed ridden and requires a lot of care, if he would have received possession of the house his financial situation would have been different. Situation has created very high financial and psychological stress in the life of home buyers of Vijay Group Housing ltds Project at Vijay Estate Vakas Neral, Tal, Karjat, Dist. Raigad.
6) Secretary of our association has given all life savings meant to take care of his only son who is affected with Autism, and the house purchased would support his son’s life.
7) Mr Ravindra Katkar and Mr.Das Retired Army Jawans, has paid money from his service to purchase a house and he is staying in a rented house.
Respected Sir, here with this letter we home buyers of the Vijay Groups Housing Ltds held up project at Vijay Estate Vakas Neral, Taluka Karjat, District Raigad,
Request your esteemed to amend and direct the liquidator of the said company to provide possession of our houses.
Where 80 % of the entire project is completed to the tune of 90 % and the rest of 20 % project is completed 50 %. We are about 291 home buyers in this project, we have paid almost 90 to 95 % of the consideration amount for our purchased houses in the said project. All agreements for sale are registered. The possession was promised by 2018 to 2020.
Vijay Group Housing Ltd went into Insolvency in 30-Sep-2023. Thereafter a liquidator is appointed by NCLT, being allottees of the flats. We home buyers are having our rights on the sold houses, while the rest of the unsold flats and land are under liquidation to recover the debit of financial institutions. Here at this juncture we humbly request you to direct MAHADA to take the entire project and take it under its authority.

Details of the Fraud and Siphoning of Funds:
The director of Vijay Group Housing Ltd., Mr. Ateev Gala, is believed to have siphoned off an estimated ₹300 crores from the company, comprising funds from both homebuyers and loans from financial institutions. These funds were systematically diverted through a complex web of related companies. The transaction audit report by Pipara & Co LLP, as cited in our prior complaints, details the following flow of funds:
· An amount of ₹74.13 crores was diverted from Vijay Group Housing Ltd. to Starline Reality.
· From Starline Reality, ₹30.085 crores were further diverted to Vijay Suraksha Realty and ₹19.21 crores to KNM .
· An additional ₹26.6 crores were transferred to Panoramic Construction, another related party.
These findings are corroborated by a separate transaction audit conducted by Ernst & Young (EY) for the liquidator of Vijaygroup Housing Private Limited ("VHPL"). The EY report identified multiple large-scale, potentially circular transactions lacking any discernible business rationale:
· On July 23, 2018, VHPL received ₹100 crores from Suraksha Realty Limited and transferred the exact same amount to Panoramic Constructions on the same day.
· On March 13, 2019, VHPL received ₹34 crores from PCPL and transferred the identical sum to Vijay Group Realty LLP (VGRLLP) on the same day. VGRLLP is a majority shareholder of VHPL, holding 95% of its shares.
· On March 27, 2019, VHPL received ₹66 crores from PCPL and again, on the same day, transferred the full amount to Starline Real Estate Private Limited (SREPL).
The EY audit concluded that "it appears that the funds were routed through multiple related & linked entities and were potentially circular in nature" and that the genuineness of these transactions could not be ascertained due to a lack of supporting documents like loan agreements.
The Complicit Role of Financial Institutions:
Vijay Group Housing Ltd. availed significant loans from major financial institutions, including ₹185 crores from L&T Finance, ₹115 crores from L&T Housing Finance Ltd., and ₹41 crores from Aditya Birla. We believe these institutions demonstrated gross negligence and failed in their fiduciary duty to monitor the end use of these funds, thereby enabling this large-scale fraud.
Many unscrupulous builders have been misusing the provisions of Insolvency and
Bankruptcy Code (IBC), laws to make quick, money by taking huge loans from banks and
collecting substantial amounts from home buyers, only to abandon projects and push them into insolvency.

Therefore, we urgently appeal to your esteemed office to consider a crucial amendment to
the Insolvency and Bankruptcy Code, 2016.

It is must to impart protection to fundamental right, right to life, therefore houses should be
constructed firstly from the money collected after selling of the property of Corporate deter
and possession should be given to home buyers of the housing project going in
insolvency.

1) Even in the state of liquidation to maintain the harmonious stand with RERA law, the home buyers who has registered agreement as per RERA, liquidator should not include the homes of home buyer in liquidation estate as home buyers are customers of corporate deter, and provisions of IBC must ensure the home buyers get their homes.

2) Provisions of the Real Estate (Regulation and Development) Act (RERA) should
supersede the IBC code in real estate companies’ cases involving the insolvency of real
estate projects.

This amendment would ensure that the rights and interests of home buyers, as enshrined
in RERA, are given paramount importance during insolvency and liquidation proceedings.
It would provide a much-needed legal shield for vulnerable home buyers.

Your leadership and vision have always been a source of hope for millions. We trust that
you will recognize the gravity of our situation and take swift, decisive action to safeguard
the future of thousands of families who have invested their life's earnings and dreams into these homes.

We almost 99 % of home buyers are voters of BJP and are 100 % home buyers are Hindus.

Thank you for your attention to this urgent matter.
Sincerely,
Vijay Estate Vakas Homebuyers welfare Association.
President
Mr. Chandrakant Dandekar
Secretary
Mr. Bhimrao Waghmare.
@timesofindia @htTweets @the_hindu @aajtak @ABPNews @LoksattaLive
#WinterSession
#ParliamentWinterSession
#Parliament
#LokSabha
#RajyaSabha
#SIR
#INDIABloc
#WinterSession2025

[ANI @ANI]

#WATCH | Thane, Maharashtra: Citizens form a massive human chain demanding the protection and conservation of the Sanjay Gandhi National Park land.

[Janak Keshriya @jskeshriya]

Madam @AshwiniBhide look how scary it is, due to deficiency in work by #Builder at P.K.Road, opp. #Kalidas , #Mulund west, No checks & balances by Builder & #T ward authorities.

What if Senior Citizen, School going childrens were passing by on #Footpath ???

Will #Muncipa #Commissioner take responsibility ??

[Josy Joseph @josyjosephkj]

Thank you, Sonam Wangchuk ji, Abhijeet Dipke, Saurav Das, and members of the CJP for your love and support for Birth Of A Nation: 21 Days That Made India.

May the stories of those who shaped our nation's destiny inspire an even deeper love for India 🇮🇳

More power to all of you.
@SauravDassss @abhijeet_dipke @Wangchuk66

[Abhijeet Dipke @abhijeet_dipke]

Riya Thapa lost her life after the NEET paper leak shattered her dreams.

Today, her father, an Army veteran, came to Jantar Mantar with just one appeal:

“Main yahan isliye aaya hoon kyunki jo meri beti Riya ke saath hua, woh kisi aur bachche ke saath na ho. Sarkar ko shayad koi farak na padta ho, lekin main nahi chahta ki kisi aur maa-baap ko apna bachcha is tarah khona pade.”

A father who has already lost his daughter is now fighting so that no other family has to endure the same pain.

[Abhijeet Dipke @abhijeet_dipke]

It’s a full house on day 16

[Abhijeet Dipke @abhijeet_dipke]

Tomorrow, I will be joining the students’ protest against paper leak in my hometown, Chhatrapati Sambhajinagar.

Have been invited by the organizers to stand in solidarity with the students and support their demand for justice.

[Tribhuvan_Official @TheTribhuvan]

क्या ही ख़तरनाक लोकगीत बन रहे हैं!

[Amit Yadav (Journalist) @amityadavbharat]

हिंदू राष्ट्र बनाने वाले एक मंदिर सही से नहीं चल पाए !!

[Dr Monika Singh @Dr_MonikaSingh_]

मध्यप्रदेश में एक सरकारी अस्पताल गायब हो गया😂

मध्यप्रदेश में एक ऐसा सरकारी अस्पताल है जिसके पास न जमीन है, न भवन, न छत, न दीवारें और न ही दरवाजे—लेकिन सरकारी रिकॉर्ड में वह पूरी तरह संचालित दिखाया जा रहा है।

डॉक्टर, कर्मचारी, वेतन और अन्य खर्च—सब कुछ कागज़ों पर जारी है।

ट्रान्सफ़र भी हो रहे हैं।

अस्पताल भी छोटा मोटा नहीं, 100 बेड का अस्पताल।

तो अलग ही लेवल का घोटाला है बॉस।

[Krishna Kant @kkjourno]

देश के लिए एक और खुशखबरी

गंगा एक्सप्रेसवे की एग्जिट रोड धंस गई है

अप्रैल में ही प्रधानमंत्री ने इसका उद्घाटन किया है। मात्र 36,000 करोड़ में बना है।

देश भर की सड़कों पर भाजपाई भ्रष्टाचार नुमाया हो रहा है।

[Hansraj Meena @HansrajMeena]

आखिरकार मंदिर के चढ़ावे का पैसा दिख ही गया !

[NewsTigerG @NewsTigerG]

ऐसा rap song नहीं सुना होगा #Airdrop #बीजेपी #co #कोकरोच_जनता_पार्टी
https://t.co/OBgKCHeX55
#cockroachjantaparty

[Aam Aadmi Party- Uttar Pradesh @AAPUttarPradesh]

प्रधानमंत्री जी, आपकी गलत नीतियों के कारण देश का युवा परेशान है।

56 इंच का सीना तो जानवरों का हो सकता है, देश को जरूरत है एक संवेदनशील नेतृत्व की।

: @SanjayAzadSln जी, राज्यसभा सांसद, AAP