Investors in Citrus Check Inns and Royal Twinkle Star Club can claim refunds of up to ₹5,000 starting August 1. The Supreme Court has removed previous investment caps, allowing all investors to participate in the Phase II portal until September 14, 2026.
The Supreme Court of India has issued a directive expanding the refund process for investors affected by the schemes operated by Citrus Check Inns Ltd and Royal Twinkle Star Club Pvt Ltd. Beginning August 1, 2026, all investors in these entities are eligible to claim a refund of up to ₹5,000. This update is particularly significant as it removes the previous investment limit of ₹7,500 that restricted eligibility during the initial refund phase.
Refund Portal and Claim Process
The A P Kurhekar Committee, which was appointed by the Supreme Court to oversee the distribution of funds, has opened a dedicated online portal for the Phase II refund exercise. This facility will be operational from August 1 through September 14, 2026. Investors who were previously ineligible due to their higher investment amounts can now submit their claims. The refund amount of ₹5,000 will be adjusted to account for any commissions or partial refunds that an investor may have already received. To avoid processing delays, investors are encouraged to have their relevant documentation ready before accessing the portal.
Regulatory History and Background
This refund initiative is part of a multi-year legal and regulatory effort to recover funds from these companies. The history of this case dates back to August 2015, when the Securities and Exchange Board of India (SEBI) imposed a four-year ban on Royal Twinkle Star Club and its directors. At that time, investigations revealed that the company had illegally mobilized over ₹2,656 crore by presenting timeshare holiday plans as legitimate investment opportunities. SEBI had ordered the company to return the collected money along with promised returns within a three-month window.
Further regulatory scrutiny occurred in December 2018, when SEBI penalized Citrus Check Inns and its directors ₹50 lakh for failing to adhere to an earlier directive that prohibited the company from raising funds from the public. Regulatory authorities had received numerous complaints indicating that the directors of Royal Twinkle were continuing to operate their collective investment scheme through the platform of Citrus Check Inns. The ongoing refund process, supported by successive Supreme Court orders from 2024 and 2025, represents the final stage in providing relief to affected depositors. Investors should track the official committee portal for updates regarding the successful processing and disbursement of their claims following the September 14 deadline.