PRIMEZONE DEVELOPERS PRIVATE LIMITED vs STATE OF MAHARASHTRA AND ORS. — IA/2469/2023

Case under Criminal Procedure Code (Cr.pc) Section U/S. Next hearing: 16th September 2025.

Next hearing 16-Sep-2025

CNR: HCBM010296072023

Filing Number

IA/12054/2023

Filing Date

04-Jul-2023

Registration No

IA/2469/2023

Registration Date

10-Jul-2023

Judge

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

Coram

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

Bench Type

Division

Category

CRIMINAL ( 9 )

Sub-Category

OTHERS ( 99 )

Judicial Branch

Criminal

Last updated 27-May-2026

Acts & Sections

Criminal Procedure Code (Cr.pc) Section U/S

Petitioner(s)

  1. 1.PRIMEZONE DEVELOPERS PRIVATE LIMITED

    Adv. S Venkateshwar,Vinsha S Acharya,Vinsha S Acharya, ,Vinsha S Acharya

Respondent(s)

  1. 1.STATE OF MAHARASHTRA AND ORS.

  2. 2.COMPETENT AUTHORITY, MPID ACT

  3. 3.ECONOMIC OFFENCE WING

  4. 4.RUDRAVEERYA DEVELOPERS LIMITED

    Adv. PDS Legal

  5. 5.JAIWANTI W/O ROSHAN LAL

  6. 6.SATYA NARAIN SHASTRI S/O. NANAK CHAND

  7. 7.SURINDER KUMAR S/O. SEWA RAM

  8. 8.SURESH KUMAR S/O. SEWA RAM

  9. 9.RAKSEH KUMAR S/O. CHANDER BHAN VIRMANI

  10. 10.ROSHAN LAL S/O. NANAK CHAND

  11. 11.MEENAKSHI W/O. DR. RAJESH KUMAR

  12. 12.MUNISH KUMAR S/O. INDER SINGH

  13. 13.SAYED ZAFER ALI S/O. SYED ZAHID ALI

  14. 14.RANJANA BHALLA W/O. SOMNATH BHALLA

  15. 15.JATINDER SINGH

  16. 16.VIJAY KUMAR GAUR S/O. KRISHAN DEV

  17. 17.MAHABIR SHARMA S/O. NANAK CHAND

  18. 18.HARPREET SINGH S/O. NIRMAL SINGH

  19. 19.MAYA DEVI W/O SUBHASH CHANDER

  20. 20.MASTAN SINGH S/O TARLOK SINGH

  21. 21.RAGHBIR SING S/O AMAR SINGH

  22. 22.AAKASH CHAUHAN S/O RAM SWROUP CHAUHAN

  23. 23.DR. DHARAMVEER SINGH

  24. 24.SURINDER KUMAR

  25. 25.SANDEEP TURAN

  26. 26.SARWAN KUMAR

  27. 27.VIJAY PAL

  28. 28.NARESH CHAUDHARY

  29. 29.NETRAPAL

  30. 30.MAHINDER SINGH (DECEASED) THROUGH LR KARAMPAL S/O LATE MOHINDER SINGH

  31. 31.MUNESH KUMAR

  32. 32.GHANSHYAM DASS GARG

  33. 33.AMARJEET KAUR

  34. 34.MEENA RANI

  35. 35.DEVENDER KAUR W/O SANTOKH SINGH

  36. 36.RAJ KUMAR CHHABRA

  37. 37.JAGDISH SINGH

  38. 38.MAMTA CHAHAL

  39. 39.UNION BANK OF INDIA

  40. 40.NATIONAL SPOT EXCHANGE LIMITED

    Adv. MZM Legal

  41. 41.QUIKER REALTY PVT. LTD.

Case History

  1. 16-Sep-2025

    Next hearingPending

  2. 08-May-2026

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

    Summary of IA/2469/2023 (CRIMINAL APPEAL NO.337 OF 2026) Outcome: Appeals ALLOWED; Sale Certificate Set Aside; Fresh Auction Ordered The Bombay High Court set aside the August 31, 2020 sale of attached properties in the NSEL scam case, finding the Competent Authority and valuer Quiker Realty engaged in systematic fraud against 13,000 defrauded investors. Key Findings: - Property valued at ₹60 crores (May 2018) was later reclassified as "agricultural land" and valued at ₹10 crores (June 2020)—an unjustifiable 83% reduction - Auction notices published only in Chandigarh-edition newspapers (Punjabi/Hindi) with limited local circulation, excluding Hindi-speaking areas where property was located - Second and third auction notices advertised only on Quiker Realty's website with no data on viewership - Property location shown incorrectly on website maps - Sealed-bid auction methodology inappropriate for maximizing recovery - Common director (Rajan Goyal) held positions in both bidding companies, suggesting collusion - Competent Authority failed to disclose expired development license in valuation process Court Orders: 1. Sale Certificate dated 31st August 2020 SET ASIDE 2. New Competent Authority to be appointed within 4 weeks 3. Fresh auction with wide publicity in local newspapers and electronic media 4. Refund of ₹10.09 crores paid by Rudraveerya Developers within 4 weeks 5. Quiker Realty disqualified from valuations/auctions for 5 years 6. State to investigate and take action against Competent Authority members and valuer; file compliance affidavit within 6 months This case analysis is maintained by casestatus.in based on publicly available court records.

  3. 23-Apr-2026

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

  4. 22-Apr-2026

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

  5. 21-Apr-2026

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

  6. 17-Apr-2026

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

  7. 27-Jan-2026

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

  8. 23-Jan-2026

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

  9. 16-Sep-2025

    Hon'ble Shri Justice Sarang Vijaykumar Kotwal,hon'ble Shri Justice Shyam C. ChandakView PDF

  10. 16-Sep-2025

    -Admission

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

  11. 10-Sep-2025

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

  12. 14-Jul-2025

    -Admission

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

  13. 04-Jul-2025

    Hon'ble Shri Justice A.S. Gadkari,hon'ble Shri Justice Rajesh S. PatilView PDF

  14. 07-Apr-2025

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

  15. 20-Feb-2025

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

  16. 20-Jan-2025

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

  17. 16-Jan-2025

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

  18. 14-Nov-2024

    Due Admission - 1

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

  19. 15-Oct-2024

    Due Admission - 1

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

  20. 18-Sep-2024

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

  21. 18-Sep-2024

    At 2.30 P.M.

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

  22. 18-Sep-2024

    At 2.30 P.M.

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

  23. 14-Aug-2024

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

  24. 07-Mar-2024

    Revoked

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

  25. 29-Jan-2024

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

  26. 16-Jan-2024

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

  27. 16-Jan-2024

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

  28. 16-Jan-2024

    Due Admission - 1

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

  29. 13-Dec-2023

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

  30. 13-Dec-2023

    Due Admission - 1

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

  31. 08-Nov-2023

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

  32. 08-Nov-2023

    For Orders (Due Matters)

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

  33. 02-Nov-2023

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

  34. 02-Nov-2023

    For Orders (Due Matters)

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

  35. 03-Oct-2023

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

  36. 03-Oct-2023

    For Orders (Due Matters)

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

  37. 25-Sep-2023

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

  38. 25-Sep-2023

    For Orders (Due Matters)

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

  39. 30-Aug-2023

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

  40. 30-Aug-2023

    At 2.30 P.M.

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

  41. 30-Aug-2023

    For Circulation

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

  42. 07-Aug-2023

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

  43. 31-Jul-2023

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

  44. 31-Jul-2023

    First hearing

    Initial hearing scheduled

  45. 04-Jul-2023

    Case filed

    Registration No. IA/2469/2023

casestatus.in Summary

Summary of IA/2469/2023 (CRIMINAL APPEAL NO.337 OF 2026) Outcome: Appeals ALLOWED; Sale Certificate Set Aside; Fresh Auction Ordered The Bombay High Court set aside the August 31, 2020 sale of attached properties in the NSEL scam case, finding the Competent Authority and valuer Quiker Realty engaged in systematic fraud against 13,000 defrauded investors. Key Findings: - Property valued at ₹60 crores (May 2018) was later reclassified as "agricultural land" and valued at ₹10 crores (June 2020)—an unjustifiable 83% reduction - Auction notices published only in Chandigarh-edition newspapers (Punjabi/Hindi) with limited local circulation, excluding Hindi-speaking areas where property was located - Second and third auction notices advertised only on Quiker Realty's website with no data on viewership - Property location shown incorrectly on website maps - Sealed-bid auction methodology inappropriate for maximizing recovery - Common director (Rajan Goyal) held positions in both bidding companies, suggesting collusion - Competent Authority failed to disclose expired development license in valuation process Court Orders: 1. Sale Certificate dated 31st August 2020 SET ASIDE 2. New Competent Authority to be appointed within 4 weeks 3. Fresh auction with wide publicity in local newspapers and electronic media 4. Refund of ₹10.09 crores paid by Rudraveerya Developers within 4 weeks 5. Quiker Realty disqualified from valuations/auctions for 5 years 6. State to investigate and take action against Competent Authority members and valuer; file compliance affidavit within 6 months This case analysis is maintained by casestatus.in based on publicly available court records.

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