The Supreme Court has upheld an order admitting the company petition seeking initiation of the corporate insolvency resolution process under Section 7 of the Insolvency and Bankruptcy Code, against M/s. Grand Venezia Commercial Towers Pvt Limited and M/s. Bhasin Infotech and Infrastructure Private Limited. The Apex Court was of the view that the NCLT and the NCLAT were justified in concluding that the corporate debtors were intrinsically linked and it was in their interest to have a joint insolvency process so as to maximise asset realisation.
The Apex Court was considering an appeal filed by the erstwhile Director of Grand Venezia Project in a case where the National Company Law Tribunal had initiated a corporate insolvency…