NCLT rejects plea for investigation into Indiabulls Housing Finance affairs

16 Feb 2024 CW Team

The lawsuit filed by Supertech Realtors, seeking an inquiry into the operations of Indiabulls Housing Finance, has been rejected by the National Company Law Tribunal (NCLT).

Supertech Realtors claimed that Indiabulls Housing Finance had wrongfully deducted excessive amounts from its loan account. In their complaint, the real estate firm asserted that the correct amount owed to them was Rs 58.73 billion, but Indiabulls Housing Finance deducted Rs 61.50 billion from their loan account. They alleged that this act was fraudulent and had implications for public interest, affecting their ability to deliver flats to customers.

Supertech Realtors, notorious for the televised controlled implosion of two of its multi-storeyed buildings following a Supreme Court ruling on environmental violations, presented the case to the NCLT.

Indiabulls Housing Finance, relying on a Reserve Bank of India (RBI) order dated September 9, 2022, argued in court that the dispute was a bilateral matter to be resolved between the involved parties. The RBI order stated, "The parties based on their commercial wisdom have entered into contractual obligations and commitments on their own choice and freewill." It emphasized that the alleged illegality raised by Supertech should not be the basis for any relief.

Supertech Realtors, however, contended in court that the RBI had indeed found Indiabulls Housing Finance in violation of the regulator's guidelines and fair practices code. Despite this, the RBI had only issued a warning to the company, prompting Supertech to demand more severe action.

Infrastructure Urban

03 Apr 2026

Centre Disburses Over Rs 24,610 mn in XV Finance Commission Grants

The Union Government has released XV Finance Commission tied grants during the financial year 2025–26 to rural local bodies in Chhattisgarh, Gujarat, Madhya Pradesh, Punjab and Sikkim and has released withheld portions of tied and untied grants to Himachal Pradesh, Odisha and Tripura. The total disbursal exceeded Rs 24,610 mn, with figures expressed in million (mn) thereafter. The releases cover allocations pertaining to different financial years and aim to strengthen rural local governance. State-wise disbursements included Rs 3,324.6 mn for Punjab, Rs 9,432.7 mn for Madhya Pradesh, Rs 3,47..

Centre Releases Over Rs 15 bn as XV FC Grants to Rural Bodies

The Union Government has released over Rs 15 bn in grants recommended by the Fifteenth Finance Commission (XV FC) to strengthen Panchayati Raj Institutions (PRIs) and Rural Local Bodies (RLBs) in six states. The funds comprise tied and untied grants disbursed in FY 2025–26. Telangana received Rs 2.48 bn as the first instalment of untied grants for FY 2025–26, benefitting 12600 Gram Panchayats (GPs). Uttarakhand received Rs 913.1 mn as the second instalment and an additional Rs 18.4 mn of a withheld first instalment was released to a further 216 GPs. Mizoram is included among beneficiary st..

Government Assures Fuel Supplies And Seafarer Safety Amid West Asia Developments

The Government of India has stepped up coordinated measures to maintain stability in critical sectors as developments in West Asia continue to unfold. It has prioritised uninterrupted energy supplies, safeguarded maritime operations and extended consular assistance to nationals. Central authorities are working with State and Union territory administrations to ensure timely information dissemination and operational continuity. Refineries are reported to be operating at high capacity with adequate inventories of petrol and diesel, and domestic LPG production has been increased to support consump..