News: Supreme Court Upholds Grand Venezia Insolvency Process-02-02-2026
The Supreme Court on February 2 confirmed that corporate insolvency resolution proceedings will continue against Bhasin Infotech and Infrastructure Private Limited and Grand Venezia Commercial Towers Private Limited, strengthening the position of homebuyers and commercial allottees.
Justices Sanjay Kumar and K Vinod Chandran dismissed appeals by the companies’ former directors, among them Satinder Singh Bhasin, holding that the developers had not delivered functional units and had misled the court about completion.
Justice Kumar, who wrote the judgment, said the claim that construction was finished and possession given to some allottees lacked merit and factual basis. Whatever documents were relied upon, the building was not complete and possession could not be delivered without the necessary formalities.
The petition by allottees of 103 units was held maintainable, as they had proved both financial debt and default. Finding no error by the NCLT or NCLAT, the court dismissed civil appeal Nos. 13779 and 13812 of 2025.
The case stems from a 2021 petition by 141 allottees of Grand Venezia Commercial Tower, who said possession was promised by May 2013 but units were unfit for use, lacked a UPSIDA completion certificate, and that "assured returns" stopped in 2014. The NCLT admitted the plea in December 2023.
