The troubled real estate empire of a Rolls-Royce-driving Melbourne developer has plunged into receivership, throwing its property portfolio into uncertainty as the company fights a high-stakes court battle over an alleged $1.69m debt.
Company director Rupinder Brar has previously made headlines for his high-flying lifestyle, which includes sponsoring a Formula One car at the Abu Dhabi Grand Prix, meeting former US President Barack Obama, and sitting next to Prime Minister Anthony Albanese and former Victorian Premier Daniel Andrews at a political fundraiser.
The South Melbourne-based builder, The Punvec Group, has now lost control of its operations after major financial backer Winslow Group Finance moved in to seize control of its assets, News Corp can reveal.
Corporate filings show Todd Gammel of advisory firm HLB Mann Judd was appointed as receiver and manager on July 30, leaving several active estates in the city’s growth corridors facing a potential freeze.
Punvec’s website lists a pipeline of active developments, including the 2000-lot Thornhill Gardens estate and 200-lot Murray Rd development both in Thornhill Park, Tarneit Place residential subdivision in Tarneit, and the 85-acre Cobblebank Business Park in Cobblebank.
Future projects listed include proposed residential estates in Fraser Rise, Geelong, and Shepparton, a 130-acre business park in Craigieburn, and several commercial mixed-use sites.
Mr Brar’s operations have previously been reported to be facing a string of controversies, which first drew public attention around late 2024.
These controversies include the recent forced closure of his international student college over regulatory breaches, alongside an ongoing County Court lawsuit where developers are chasing Mr Brar’s company for $2.6m over a missed instalment of a $3.9m land deposit in Craigieburn.
The new $1.69m legal fight is being waged in the Supreme Court of Victoria by plaintiff Hanxiang Zhou over a private mortgage loan.
Court documents show the debt was slapped with a 60 per cent interest rate under an emergency repayment deal.
At a hearing last week, Judicial Registrar Woronczak adjourned the winding-up petition to next Wednesday, giving director and sole shareholder Mr Brar a two-week window to finalise a rescue plan.
Mr Brar is fighting to save the company in court, claiming the builder is solvent and revealing plans to secure an eleventh-hour cash injection to pay off the debt, as he reportedly battles another business associate in court over a disputed $130m Gold Coast golf course redevelopment.
In an affidavit filed to the court, Mr Brar claims he is finalising an agreement with specialist financier Alceon Group to secure a $6.6m equity release from a separate development site in Diggers Rest.
He told the court he plans to use these funds to pay off Mr Zhou and other outstanding company liabilities in full to avoid a court-ordered winding-up.
Should the rescue deal fail, Christopher Bergin and Andrew Blundell of Cathro Partners have already filed consent to step in as the company’s liquidators.
While Mr Brar, who co-founded the firm alongside Sarabjot Dhillon, races to execute the Alceon funding deal, receiver Mr Gammel has authority over present and future acquired property of the developer.
The receivership adds to a mounting pile of personal and corporate financial headaches for the brand’s founders.
An Indian basketball league launched by Mr Brar was previously reported to have folded under a $5m debt pile, while co-founder Mr Dhillon is being pursued in court by the Australian Taxation Office over $126,000 in unpaid taxes.
The Punvec Group was contacted for comment.