Supreme Court upheld NCLT/NCLAT rulings, dismissing Appeals 13628, 13779, 13812 of 2025 against Grand Venezia Ltd and Bhasin Ltd insolvency.
Court affirmed that the company petition met the Section 7 IBC threshold of 100 allottees, as 103 allottees filed the petition.
It found construction incomplete, with observer reports confirming lack of occupancy certificates and unfinished floors, rejecting claims of completed units.
Court rejected Satinder Singh Bhasin’s offer to deposit ₹15.62 crore to settle 55 remaining allottees, deeming the premise baseless.