The Supreme Court has upheld the initiation of corporate insolvency resolution proceedings against Bhasin Infotech and Infrastructure Private Limited and Grand Venezia Commercial Towers Private Limited, relating to a delayed real estate project in Greater Noida. A bench comprising Justices Sanjay Kumar and K Vinod Chandran dismissed appeals filed by the former directors of the companies, including Satinder Singh Bhasin, and found no legal fault in the earlier tribunal orders.
The apex court agreed with the findings of the National Company Law Tribunal (NCLT), which had admitted the insolvency petition filed by 141 allottees covering 103 units. This decision was later upheld by the…