NEW DELHI: The Supreme Court has reaffirmed the commencement of corporate insolvency proceedings against Bhasin Infotech and Infrastructure Private Limited, as well as Grand Venezia Commercial Towers Private Limited, emphasizing the protection of homebuyers and commercial allottees.
A bench led by Justices Sanjay Kumar and K. Vinod Chandran dismissed appeals from the former directors, including Satinder Singh Bhasin.
The court found that the developers had failed to deliver functional units and had misled the court regarding project completion.
The justices rejected the appellants’ claims that construction was fully complete and that possession was granted to some allottees, stating that such assertions were “without merit and factual foundation.” Justice Kumar, who authored the judgment, noted, “The letters and documents presented do not reflect the ground reality. The construction is incomplete, and possession cannot be delivered without meeting all necessary formalities.”
The ruling confirmed that the petition filed by the allottees of 103 units against the corporate debtors was valid and substantiated.
The justices affirmed that the allottees demonstrated their financial debt and the default, highlighting that the units, for which they had made payments, remain undelivered.
“We find no error in the NCLT admitting the petition or in the NCLAT confirming this in appeal. Thus, civil appeals Nos. 13779 and 13812 of 2025 lack merit and should be dismissed,” the verdict stated.
This case originated from a 2021 petition by 141 allottees of the Grand Venezia Commercial Tower in Greater Noida, who claimed that, despite promises of possession by May 2013, the units were uninhabitable, lacking proper completion certificates from the Uttar Pradesh State Industrial Development Authority (UPSIDA), and that the promised “assured returns” ceased in 2014.
The National Company Law Tribunal (NCLT) accepted the insolvency application in December 2023, a decision later ratified by the National Company Law Appellate Tribunal (NCLAT).
