NCLT Dismisses Xanadu's Petition Against Mumbai Indians CEO's Firm
In a significant victory for Thane-based company Bhimjyani Realty, the National Company Law Tribunal (NCLT) has dismissed a petition filed by real estate marketing firm Xanadu Realty. Xanadu claimed non-payment of fees amounting to ₹4.08 crore, which they alleged were pending, and demanded that the amount be paid within ten days. However, the NCLT rejected the case. The dispute related to the Neelkanth Woods project in Thane.
Mumbai Indians CEO Devang Bhimjyani is also the director of Bhimjyani Realty, where active operations are run by his brother Anshul. The petitioner claimed that they had raised 13 invoices during the period from 16.11.2022 to 26.12.2023. Xanadu and Bhimjyani Realty had entered into a service agreement dated 21.10.2022 for providing real estate sales, marketing, and project management consultancy services.
Dispute over payment and contract terms
An email sent by Anshul stated: 'This is an unfortunate misrepresentation of the genuine concerns that I have raised, which require immediate rectification and a legal and enforceable undertaking to be provided by Xanadu to T. Bhimjyani Realty Pvt. Ltd. We have also made it clear that until the dispute is satisfactorily addressed by Xanadu, it is not appropriate to seek commercial settlement of the matter. I hope you will look into the matter seriously and address it at the earliest.'
Advocate claims firm acted beyond agreement
Advocate Prerak Choudhary said: 'About ₹3.75 crore (₹4 crore with compounded interest) was claimed from Bhimjyani as fees, but ₹5 crore has already been paid. Xanadu made some sales pitches against instructions they told people about paying interest to buyers and offering refunds. They exceeded the terms of their engagement with Bhimjyani and made unauthorised representations to purchasers. Bhimjyani suffered losses as a result. Xanadu even threatened to move to the NCLT if the remaining amount was not paid within ten days. The NCLT dismissed the case.'
Petition cites breach and RERA violations
The petition stated: 'It was communicated that there was a breach of the contract dated 21.10.2022 by the Operational Creditor, who sent communication from the Sales Team of Xanadu making certain financial commitments including serious commitments of refunds on behalf of the Corporate Debtor which were beyond the contract, contradictory to the policy of the Corporate Debtor, and in violation of RERA guidelines.'
