NEW DELHI: The Supreme Court on Monday upheld the initiation of corporate insolvency resolution proceedings against real estate firms Bhasin Infotech and Infrastructure Private Limited and Grand Venezia Commercial Towers Private Limited, reinforcing the rights of homebuyers and commercial allottees.
A bench comprising Justices Sanjay Kumar and K Vinod Chandran dismissed the appeals filed by the erstwhile directors of the two companies, including Satinder Singh Bhasin. The bench held that the developers failed to deliver functional units and had misled the court regarding the completion status of the project.
Rejecting the appellants’ contention that construction had been completed in all respects and possession had been handed over to…