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Edelweiss ARC

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In a significant ruling, MahaRERA has allowed fresh registration for Parinee Eminence Phase 1 under a new promoter while clarifying that previous homebuyers cannot enforce their agreements against the incoming developer. Old claims remain against the terminated promoter, with a lien created for protection.

Homebuyers Beware? MahaRERA Rules New Developer Not Liable for Old Promoter’s Defaults

In a significant ruling, MahaRERA has allowed fresh registration for Parinee Eminence Phase 1 under a new promoter while clarifying that previous homebuyers cannot enforce their agreements against the incoming developer. Old claims remain against the terminated promoter, with a lien created for protection.
EOW Mumbai registers FIR against Ecstasy Realty and its promoters for a ₹600 crore financial fraud involving diverted NCD funds for the Parthenon project.

Ecstasy Realty and Promoters Face EOW Probe in Alleged ₹600 Crore Financial Fraud

The Economic Offences Wing (EOW) Mumbai has filed an FIR against Ecstasy Realty Private Limited and its promoters for an alleged ₹600 crore financial fraud. The case, initiated by Edelweiss Asset Reconstruction Company Limited (EARCL), involves the alleged diversion of ₹600 crore raised through secured Non-Convertible Debentures (NCDs) meant for the residential project “Parthenon.” The FIR names key individuals including Shobhit J. Rajan, Naresh Bajaj, Pulin Bole, Pranav Bajaj, and Shivani Verma, along with Prabal Infra Agro Farms Pvt. Ltd. and Maharashtra Eco Green Pvt. Ltd. The EOW is currently investigating the misuse of funds and submission of fake utilization certificates.