Overview
- A bench led by Chief Justice Surya Kant issued notice to the Centre, the ED, the RBI and other parties on a petition by homebuyer Vandana Sabharwal and listed responses for July 15; the court said it may explore a coordinated mechanism.
- The petition asks the ED to complete focused, time‑bound investigations into five external developer clusters and to file periodic status reports to the Supreme Court so recovered assets can be identified quickly.
- The ED's January 2026 prosecution complaint alleges that of about Rs 14,599 crore collected from Jaypee homebuyers, Rs 13,833 crore was diverted and the agency has provisionally attached roughly Rs 400 crore to date.
- The plea seeks specific remedies including deposit of recovered proceeds into a court‑monitored escrow for project completion, RBI audits of banks' lending and end‑use monitoring, and avoidance actions under the Insolvency Code against undervalued transfers.
- More than 21,000 homebuyers who paid over a decade ago remain unpaid or unfinished, the petition argues that insolvency remedies return only principal without interest, and a swift court‑supervised recovery could affect bank losses and the Adani/Suraksha resolution outcomes.