The Supreme Court has upheld the initiation of corporate insolvency resolution proceedings against Bhasin Infotech and Infrastructure Pvt. Ltd. and Grand Venezia Commercial Towers Pvt. Ltd., both associated with a delayed real estate project in Greater Noida. The ruling came after the court rejected appeals filed by the companies former directors challenging earlier tribunal orders that admitted the insolvency plea filed by affected allottees.
The dispute relates to the Grand Venezia Commercial Tower, where buyers had booked commercial units after being assured timely possession and regular returns. The allottees stated that despite making substantial payments, the project remained…