# In the matter of Anant Kajare vs. Eknath Aher & Ors.

> SC judgment dated 2024-08-08. Citation: TCN-2024-SC-00042. This case involves a civil appeal before the Supreme Court of India concerning the financial…

- **Court:** SC
- **Order date:** 8 Aug 2024
- **Citation:** TCN-2024-SC-00042
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/anant-kajare-vs-eknath-aher-ors-a9ab5d91

## Summary

### Background

This case involves a civil appeal before the Supreme Court of India concerning the financial irregularities and alleged pyramid scheme operated by Royal Twinkle Star Club Limited and Citrus Check Inns Limited. The court is addressing issues related to the disbursement of funds collected from the sale of properties/investments, recoveries, and interest earned to the investors. The case involves numerous intervention applications, modification requests, and applications for directions.

## Facts

Royal Twinkle Star Club Limited and Citrus Check Inns Limited collected ₹8,852 crore from public investors, but only ₹3,430 crore was repaid. ₹3,077 crore was paid as commission. The companies operated a pyramid scheme. There are 31,86,702 investors with a principal amount of ₹6,688 crore. ₹435.61 crores have been collected from the sale of properties/investments. ₹41.99 crores are subject to claims by banks and financial institutions. 103 properties/investments have been sold, while 17 remain unsold. 11 families received substantial commissions exceeding ₹308 crores. 99 properties were purchased by 7 commission agents. Banks and NBFCs have claims on mortgaged properties worth Rs.41.98 crore.

## Issues and analysis

### Issue 1: Whether the payment of ₹393 crore (Rupees Three Hundred Ninety Three Crore Only) should be made to …

**Ratio:** The court believes that payment should be made to the investors, but this requires

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**Reasoning:** The court reasoned that this exercise is necessary as ₹393 crore is not sufficient to

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**Interpretation:** The court interpreted that the funds available should be distributed fairly

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**Application:** The court applied this reasoning by directing SEBI to form a committee to

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## Parties

- **Judges:** SANJIV K…; Sanjay…; +1 more
- **Appellants:** ANANT K…
- **Respondents:** Royal Twinkle…; EKNATH…

## Timeline

- **N/A — Civil Appea…**: Civil Appeal No.…
- **2024-08-08 — Hearing…**: The matters were called…

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