ED restores ₹175-crore assets to 213 homebuyers after Supreme Court nod

October 15, 2025

Supreme Court appreciates ED’s proactive role in resolving long-pending real estate dispute

The Enforcement Directorate (ED) has restored residential and commercial properties worth ₹175 crore to more than 200 homebuyers in Rajasthan’s Udaipur, bringing long-awaited relief to those who had been waiting for possession of their homes for over 12 years.

The assets include 354 flats, 17 commercial units, and two plots from the Royal Rajvilas project developed by Udaipur Entertainment World Private Limited (UEWPL), the ED said in a statement on Tuesday.

The development comes after the Supreme Court approved the restoration of attached assets under Section 8 of the Prevention of Money Laundering Act (PMLA), directing that the properties be handed over for the benefit of genuine and bona fide homebuyers.

The case stems from a money-laundering probe against Bharat Bomb and others accused of defrauding Syndicate Bank of ₹1,267.79 crore between 2011 and 2016. The ED had earlier attached assets worth ₹535 crore in the case, including ₹83.51 crore linked to UEWPL’s unsold inventory.

Following the company’s insolvency proceedings before the National Company Law Tribunal (NCLT), Mumbai, its resolution plan was approved in February 2022, vacating the ED’s 2019 attachment order. However, the agency was not made a party to the NCLT proceedings, prompting subsequent legal challenges that reached the Rajasthan High Court and later the Supreme Court.

The apex court directed the parties to find a consensus to protect the interests of innocent homebuyers caught in the prolonged litigation. Acting on this, the ED verified the claims of 213 affected buyers and issued a no-objection certificate (NOC) to facilitate restitution of the properties.

“The ED took a proactive approach to arrive at a harmonious solution without compromising the objectives of the PMLA and in the interest of 213 homebuyers,” the agency said.

In its October 10 order, the Supreme Court appreciated the ED’s initiative, stating, “We place on record our appreciation for the efforts made by the learned counsel for the parties and the Directorate of Enforcement in restoring the attached properties to secure the interests of genuine and innocent homebuyers.”

The Court clarified that the order was based on the unique facts of the case and should not be treated as a precedent.

The ED said the ruling brings closure to a seven-year legal battle and relief to hundreds of families who had invested their life savings into the project.

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