NCLT Dismisses Xanadu's Petition Against Mumbai Indians CEO's Firm
The National Company Law Tribunal (NCLT) has dismissed a petition filed by real estate marketing firm Xanadu Realty against Bhimjyani Realty, a company linked to the CEO of Mumbai Indians, Devang Bhimjyani. The dispute centered on non-payment of ₹4.08 crore in marketing fees for the Neelkanth Woods project in Thane.
NcltReal EstateBhimjyani RealtyXanadu RealtyNeelkanth WoodsReal Estate MaharashtraAug 09, 2025
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.'
Frequently Asked Questions
What was the main dispute between Xanadu Realty and Bhimjyani Realty?
The main dispute was over the non-payment of ₹4.08 crore in marketing fees for the Neelkanth Woods project in Thane. Xanadu claimed that the fees were pending and demanded payment within ten days.
Who is Devang Bhimjyani and what is his role in Bhimjyani Realty?
Devang Bhimjyani is the CEO of Mumbai Indians and also the director of Bhimjyani Realty. Active operations in Bhimjyani Realty are run by his brother, Anshul.
What did Anshul Bhimjyani claim in his email to Xanadu?
Anshul Bhimjyani claimed that there were genuine concerns that required immediate rectification and a legal and enforceable undertaking from Xanadu. He also stated that it was inappropriate to seek commercial settlement until the dispute was addressed.
What did Advocate Prerak Choudhary say about Xanadu's actions?
Advocate Prerak Choudhary said that Xanadu made unauthorized sales pitches, offered refunds, and made commitments beyond their contract, which led to losses for Bhimjyani Realty.
What was the basis of the petition filed by Xanadu with the NCLT?
The petition filed by Xanadu with the NCLT cited a breach of the service agreement dated 21.10.2022, including financial commitments and refunds made by Xanadu's sales team, which were beyond the contract and violated RERA guidelines.
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