UNION BANK OF INDIA THROUGH SANJAY KUMAR S/O KEDAR PRASAD vs THE STATE OF MAHARASHTRA AND ORS. — APEAL/633/2022

Case under Mah. Protection of Interests of Depositors Section 11. Disposed: --Disposed Off on 08th May 2026.

Case disposed

CNR: HCBM010256352022

Filing Number

APEAL/10406/2022

Filing Date

24-Jun-2022

Registration No

APEAL/633/2022

Registration Date

25-Jun-2022

Judge

Hon'ble Shri Justice A.S. Gadkari , Hon'ble Justice Kamal Khata

Coram

Hon'ble Shri Justice A.S. Gadkari , Hon'ble Justice Kamal Khata

Bench Type

Division

Category

CRIMINAL ( 9 )

Sub-Category

OTHERS ( 99 )

Judicial Branch

Criminal

Decision Date

08-May-2026

Nature of Disposal

--Disposed Off

Last updated 27-May-2026

Acts & Sections

Mah. Protection of Interests of Depositors Section 11

Petitioner(s)

  1. 1.UNION BANK OF INDIA THROUGH SANJAY KUMAR S/O KEDAR PRASAD

    Adv. Nainesh N Amin

Respondent(s)

  1. 1.THE STATE OF MAHARASHTRA AND ORS.

  2. 2.THE DEPUTY COLLECTOR AND COMPETENT AUTHORITY (NSEL)

  3. 3.NATIONAL SPOT EXCHANGE LIMITED

Case History

  1. Case disposedDisposed

  2. 08-May-2026

    Hon'ble Shri Justice A.S. Gadkari,hon'ble Justice Kamal KhataView PDF

    CASE SUMMARY: APEAL/633/2022 (Criminal Appeal No.337 of 2026) PETITIONER: Union Bank of India (through Sanjay Kumar) RESPONDENTS: The State of Maharashtra, Deputy Collector & Competent Authority (NSEL), National Spot Exchange Limited DECISION The Bombay High Court SET ASIDE the auction sale of properties (Sale Certificate dated 31st August 2020) to Rudraveerya Developers Ltd., finding the entire auction process vitiated by fraud, mala fide conduct, and gross undervaluation. KEY FINDINGS Fraudulent Valuation Process: - Property initially valued at ₹60 crores (May 2018) was subsequently devalued to ₹10 crores (June 2020) - The 2020 revaluation wrongfully reclassified residential plotted development land as "agricultural land" without justification - Court found the ₹60 crore valuation itself questionable, with licensee fee reportedly ₹50 crores—an untenable proposition where license fee would exceed land value by 5x Procedural Irregularities: - First auction notice published only in Chandigarh editions of Hindi/Punjabi newspapers (limited circulation in Hindi-speaking Karnal district) - Subsequent auction notices advertised only on Quiker Realty's website with no data on viewership - Property location misrepresented on website map - Closed-bid auction method adopted instead of open auction to maximize price Collusion Evidence: - Common director (Rajan Goyal) in both bidding companies: Brij Gopal Construction (₹8 crore bid) and successful bidder Rudraveerya Developers (₹10 crore bid) - Two other bidders offered less than ₹5 crores, suggesting manipulated bidding Breach of Fiduciary Duty: The Competent Authority owed fiduciary duty to 13,000 NSEL scam victims (₹5,600 crore scam) but instead: - Failed to ensure adequate publicity - Appointed biased valuers (Quiker Realty) - Deliberately undervalued properties to favor predetermined entities COURT'S REASONING The court rejected arguments that: - Sale completion bars challenge (fraud vitiates all acts) - Appellant's delayed challenge is barred (public interest in preventing fraud overrides procedural delays) - Third-party auction purchaser's rights are sacrosanct (no protection for fraudulently conducted sales) The court emphasized this was a "scam within the scam"—depriving victims further through mala fide asset liquidation. DIRECTIONS ISSUED 1. New Competent Authority to be appointed within 4 weeks 2. New Valuer (not Quiker Realty) to conduct fresh valuation 3. Fresh auction with wide publicity in local newspapers and electronic media 4. Refund of ₹10.09 crores from Rudraveerya within 4 weeks 5. Quiker Realty disqualified for 5 years from valuations/auctions for Maharashtra Government 6. Investigation and action against Competent Authority members and Quiker Realty within 6 months 7. All interim applications dismissed --- COURT: Bombay High Court (Justices Kamal Khata & A.S. Gadkari) DATE: 8th May 2026 This case analysis is maintained by casestatus.in based on publicly available court records.

  3. 29-Apr-2026

    Hon'ble Shri Justice A.S. Gadkari,hon'ble Justice Kamal KhataView PDF

  4. 29-Apr-2026

    At 3.00 P.M.

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Justice Kamal Khata

  5. 28-Apr-2026

    Bottom Of Board-

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Justice Kamal Khata

  6. 24-Apr-2026

    Bottom Of Board-

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Justice Kamal Khata

  7. 23-Apr-2026

    Hon'ble Shri Justice A.S. Gadkari,hon'ble Justice Kamal KhataView PDF

  8. 23-Apr-2026

    Bottom Of Board-

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Justice Kamal Khata

  9. 22-Apr-2026

    Hon'ble Shri Justice A.S. Gadkari,hon'ble Justice Kamal KhataView PDF

  10. 22-Apr-2026

    At 3.00 P.M.

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Justice Kamal Khata

  11. 21-Apr-2026

    Hon'ble Shri Justice A.S. Gadkari,hon'ble Justice Kamal KhataView PDF

  12. 21-Apr-2026

    -Due Admission

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Justice Kamal Khata

  13. 17-Apr-2026

    Hon'ble Shri Justice A.S. Gadkari,hon'ble Justice Kamal KhataView PDF

  14. 17-Apr-2026

    -Due Admission

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Justice Kamal Khata

  15. 09-Apr-2026

    Hon'ble Shri Justice A.S. Gadkari,hon'ble Justice Kamal KhataView PDF

  16. 09-Apr-2026

    -Admission

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Justice Kamal Khata

  17. 24-Mar-2026

    -Admission

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Justice Kamal Khata

  18. 17-Mar-2026

    Hon'ble Shri Justice A.S. Gadkari,hon'ble Justice Kamal KhataView PDF

  19. 17-Mar-2026

    -Admission

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Justice Kamal Khata

  20. 12-Mar-2026

    -For Directions

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Justice Kamal Khata

  21. 06-Mar-2026

    -Admission

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Shri Justice Shyam C. Chandak

  22. 27-Feb-2026

    Hon'ble Shri Justice A.S. Gadkari,hon'ble Shri Justice Shyam C. ChandakView PDF

  23. 27-Feb-2026

    -Due Admission

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Shri Justice Shyam C. Chandak

  24. 13-Feb-2026

    Hon'ble Shri Justice A.S. Gadkari,hon'ble Shri Justice Shyam C. ChandakView PDF

  25. 13-Feb-2026

    Bottom Of Board-

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Shri Justice Shyam C. Chandak

  26. 28-Jan-2026

    Hon'ble Shri Justice A.S. Gadkari,hon'ble Shri Justice Shyam C. ChandakView PDF

  27. 28-Jan-2026

    Bottom Of Board-

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Shri Justice Shyam C. Chandak

  28. 27-Jan-2026

    Bottom Of Board-

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Shri Justice Shyam C. Chandak

  29. 23-Jan-2026

    -Due Admission

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Shri Justice Shyam C. Chandak

  30. 21-Jan-2026

    Hon'ble Shri Justice A.S. Gadkari,hon'ble Shri Justice Shyam C. ChandakView PDF

  31. 21-Jan-2026

    -Due Admission

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Shri Justice Shyam C. Chandak

  32. 13-Jan-2026

    Hon'ble Shri Justice A.S. Gadkari,hon'ble Shri Justice Shyam C. ChandakView PDF

  33. 13-Jan-2026

    Due Admission - 1

    Hon'ble Smt. Justice Bharati Dangre , Hon'ble Shri Justice Shyam C. Chandak

  34. 16-Dec-2025

    Hon'ble Smt. Justice Bharati Dangre,hon'ble Shri Justice Shyam C. ChandakView PDF

  35. 16-Dec-2025

    For Circulation

    Hon'ble Smt. Justice Bharati Dangre , Hon'ble Shri Justice Shyam C. Chandak

  36. 10-Nov-2025

    Due Admission - 1

    Hon'ble Shri Justice Sarang Vijaykumar Kotwal , Hon'ble Shri Justice Shyam C. Chandak

  37. 16-Sep-2025

    -Admission

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Shri Justice Ranjitsinha Raja Bhonsale

  38. 10-Sep-2025

    Hon'ble Shri Justice A.S. Gadkari,hon'ble Shri Justice Ranjitsinha Raja BhonsaleView PDF

  39. 04-Aug-2025

    Due Admission - 1

    Hon'ble Shri Justice Sarang Vijaykumar Kotwal , Hon'ble Shri Justice S. M. Modak

  40. 14-Jul-2025

    -Admission

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Shri Justice Rajesh S. Patil

  41. 28-Apr-2025

    Due Admission - 1

    Hon'ble Shri Justice Sarang Vijaykumar Kotwal , Hon'ble Shri Justice S. M. Modak

  42. 07-Apr-2025

    Due Admission - 1

    Hon'ble Shri Justice Sarang Vijaykumar Kotwal , Hon'ble Shri Justice S. M. Modak

  43. 20-Feb-2025

    Due Admission - 1

    Hon'ble Shri Justice Sarang Vijaykumar Kotwal , Hon'ble Shri Justice S. M. Modak

  44. 20-Jan-2025

    Hon'ble Shri Justice Sarang Vijaykumar Kotwal,hon'ble Shri Justice S. M. ModakView PDF

  45. 20-Jan-2025

    Due Admission - 1

    Hon'ble Shri Justice Sarang Vijaykumar Kotwal , Hon'ble Shri Justice S. M. Modak

  46. 16-Jan-2025

    At 2.30 P.M.

    Hon'ble Smt. Justice Bharati Dangre , Hon'ble Justice Smt Manjusha Ajay Deshpande

  47. 10-Dec-2024

    Due Admission - 1

    Hon'ble Smt. Justice Bharati Dangre , Hon'ble Justice Smt Manjusha Ajay Deshpande

  48. 14-Nov-2024

    Due Admission - 1

    Hon'ble Smt. Justice Bharati Dangre , Hon'ble Justice Smt Manjusha Ajay Deshpande

  49. 15-Oct-2024

    Due Admission - 1

    Hon'ble Smt. Justice Bharati Dangre , Hon'ble Justice Smt Manjusha Ajay Deshpande

  50. 18-Sep-2024

    Hon'ble Smt. Justice Bharati Dangre,hon'ble Justice Smt Manjusha Ajay DeshpandeView PDF

  51. 18-Sep-2024

    At 2.30 P.M.

    Hon'ble Smt. Justice Bharati Dangre , Hon'ble Justice Smt Manjusha Ajay Deshpande

  52. 07-Mar-2024

    Admission_

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Shri Justice Shyam C. Chandak

  53. 16-Jan-2024

    Due Admission - 1

    Hon'ble Ms. Justice Gauri Godse , Hon'ble Justice Revati Mohite Dere

  54. 13-Dec-2023

    Hon'ble Ms. Justice Gauri Godse,hon'ble Justice Revati Mohite DereView PDF

  55. 13-Dec-2023

    Due Admission - 1

    Hon'ble Ms. Justice Gauri Godse , Hon'ble Justice Revati Mohite Dere

  56. 08-Nov-2023

    Hon'ble Ms. Justice Gauri Godse,hon'ble Justice Revati Mohite DereView PDF

  57. 08-Nov-2023

    For Orders (Due Matters)

    Hon'ble Ms. Justice Gauri Godse , Hon'ble Justice Revati Mohite Dere

  58. 02-Nov-2023

    Hon'ble Ms. Justice Gauri Godse,hon'ble Justice Revati Mohite DereView PDF

  59. 30-Aug-2023

    At 2.30 P.M.

    Hon'ble Ms. Justice Gauri Godse , Hon'ble Justice Revati Mohite Dere

  60. 30-Aug-2023

    For Circulation

    Hon'ble Ms. Justice Gauri Godse , Hon'ble Justice Revati Mohite Dere

  61. 07-Aug-2023

    Hon'ble Ms. Justice Gauri Godse,hon'ble Justice Revati Mohite DereView PDF

  62. 17-Mar-2023

    For Admission

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Shri Justice Prakash D. Naik

  63. 17-Feb-2023

    Hon'ble Shri Justice A.S. Gadkari,hon'ble Shri Justice Prakash D. NaikView PDF

  64. 17-Feb-2023

    For Admission

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Shri Justice Prakash D. Naik

  65. 31-Jan-2023

    Hon'ble Shri Justice A.S. Gadkari,hon'ble Shri Justice Prakash D. NaikView PDF

  66. 31-Jan-2023

    For Direction

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Shri Justice Prakash D. Naik

  67. 13-Dec-2022

    Hon'ble Shri Justice A.S. Gadkari,hon'ble Shri Justice Prakash D. NaikView PDF

  68. 13-Dec-2022

    For Admission

    Hon'ble Shri Justice A.S. Gadkari , Hon'ble Shri Justice Milind N. Jadhav

  69. 16-Nov-2022

    First hearing

    Initial hearing scheduled

  70. 15-Nov-2022

    Hon'ble Shri Justice A.S. Gadkari,hon'ble Shri Justice Milind N. JadhavView PDF

  71. 24-Jun-2022

    Case filed

    Registration No. APEAL/633/2022

casestatus.in Summary

CASE SUMMARY: APEAL/633/2022 (Criminal Appeal No.337 of 2026) PETITIONER: Union Bank of India (through Sanjay Kumar) RESPONDENTS: The State of Maharashtra, Deputy Collector & Competent Authority (NSEL), National Spot Exchange Limited DECISION The Bombay High Court SET ASIDE the auction sale of properties (Sale Certificate dated 31st August 2020) to Rudraveerya Developers Ltd., finding the entire auction process vitiated by fraud, mala fide conduct, and gross undervaluation. KEY FINDINGS Fraudulent Valuation Process: - Property initially valued at ₹60 crores (May 2018) was subsequently devalued to ₹10 crores (June 2020) - The 2020 revaluation wrongfully reclassified residential plotted development land as "agricultural land" without justification - Court found the ₹60 crore valuation itself questionable, with licensee fee reportedly ₹50 crores—an untenable proposition where license fee would exceed land value by 5x Procedural Irregularities: - First auction notice published only in Chandigarh editions of Hindi/Punjabi newspapers (limited circulation in Hindi-speaking Karnal district) - Subsequent auction notices advertised only on Quiker Realty's website with no data on viewership - Property location misrepresented on website map - Closed-bid auction method adopted instead of open auction to maximize price Collusion Evidence: - Common director (Rajan Goyal) in both bidding companies: Brij Gopal Construction (₹8 crore bid) and successful bidder Rudraveerya Developers (₹10 crore bid) - Two other bidders offered less than ₹5 crores, suggesting manipulated bidding Breach of Fiduciary Duty: The Competent Authority owed fiduciary duty to 13,000 NSEL scam victims (₹5,600 crore scam) but instead: - Failed to ensure adequate publicity - Appointed biased valuers (Quiker Realty) - Deliberately undervalued properties to favor predetermined entities COURT'S REASONING The court rejected arguments that: - Sale completion bars challenge (fraud vitiates all acts) - Appellant's delayed challenge is barred (public interest in preventing fraud overrides procedural delays) - Third-party auction purchaser's rights are sacrosanct (no protection for fraudulently conducted sales) The court emphasized this was a "scam within the scam"—depriving victims further through mala fide asset liquidation. DIRECTIONS ISSUED 1. New Competent Authority to be appointed within 4 weeks 2. New Valuer (not Quiker Realty) to conduct fresh valuation 3. Fresh auction with wide publicity in local newspapers and electronic media 4. Refund of ₹10.09 crores from Rudraveerya within 4 weeks 5. Quiker Realty disqualified for 5 years from valuations/auctions for Maharashtra Government 6. Investigation and action against Competent Authority members and Quiker Realty within 6 months 7. All interim applications dismissed --- COURT: Bombay High Court (Justices Kamal Khata & A.S. Gadkari) DATE: 8th May 2026 This case analysis is maintained by casestatus.in based on publicly available court records.

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