SC Upholds Insolvency Cases for Greater Noida Real Estate Firms
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…