Indiabulls Group has always maintained that all the charges against the group and Indiabulls Housing Finance are baseless and the Reserve Bank of India's affidavit in the court has proved it, said Ajit Mittal, group executive director, Indiabulls Group.

An affidavit submitted by the RBI in the court mentioned no violations of any nature or kind regarding Indiabulls Housing Finance, the company said in a regulatory filing on February 28.

“We are not really much excited about this thing. As far as the timeline of the judicial process is concerned, we don’t have any control. These affidavits amply prove that all these transactions were in the normal course of the business, and this is what we have maintained right from the day one," he said.

The public interest litigation is nothing but part of the wider extortion racket, noted Mittal.

Indiabulls Housing Finance said the RBI affidavit highlighted the details of loans taken by the borrowers mentioned in PIL and the repayment dates of such loans.

The RBI affidavit states that: “The Writ Petition is not maintainable either on facts or law as against this Respondent, the Reserve Bank of India, and hence liable to be dismissed as such.”