Supreme Court Upholds Insolvency Proceedings Against Bhasin Infotech and Grand Venezia Developers in Greater Noida

The Supreme Court on February 2, 2026 upheld insolvency proceedings against realty firms Bhasin Infotech and Infrastructure Private Limited and Grand Venezia Commercial Towers Private Limited over undelivered units in Greater Noida, Hindustan Times reported¹ in February 2026.

A bench of Justices Sanjay Kumar and K Vinod Chandran dismissed appeals by the firms' erstwhile directors, including Satinder Singh Bhasin. The New Indian Express reported² that the court found no error in the orders passed by the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT).

What the court held

The case began with a 2021 petition by allottees of the Grand Venezia Commercial Tower, The New Indian Express said. They alleged that possession had been promised by May 2013, but the units were unfit for occupation. They also said the project did not have a completion certificate from the Uttar Pradesh State Industrial Development Authority (UPSIDA). The allottees said assured returns stopped from 2014.

The NCLT admitted the insolvency petition in December 2023, and the NCLAT upheld that order, according to Hindustan Times. The paper said the Supreme Court rejected the claim that construction was complete and possession had been delivered.

"The ground reality is otherwise. Neither has the construction been completed nor could possession of units be delivered to the allottees without fulfilling all necessary formalities," the bench said, as quoted by Hindustan Times.

The court held that allottees had established financial debt and default for 103 units, Hindustan Times reported. The New Indian Express reported that the claim was backed by 141 allottees.

What it means for buyers

The ruling allows the corporate insolvency resolution process to continue for both companies. It also treats a unit that cannot be occupied because formalities such as a completion certificate are missing as undelivered, regardless of the developer's claims.

Separately, the Enforcement Directorate attached 389 properties linked to the Bhasin group, Mena FN reported³ in July 2026. These included 384 commercial units in the Grand Venezia complex at Surajpur, which the agency said had been diverted to place them beyond the reach of the insolvency process. The report said Bhasin was arrested in May 2026.

Asking prices in Surajpur

The complex is in Surajpur. Asking prices on PropertyWala put shops and showrooms for sale there at about ₹17,218 per sq ft (2017 Q2 to 2026 Q3), compared with a Greater Noida average of ₹18,190, about 5.3% lower.⁴

Apartments account for about 77% of listings in Surajpur. Shops and showrooms make up about 12%, independent houses about 8% and office spaces about 3%.⁴

The locality is within Greater Noida. Dadri is about 8 km away, and Hindon Airport is about 34 km away.

What to watch

The insolvency process before the NCLT is pending, and the Enforcement Directorate case is continuing, according to the reports. Neither Hindustan Times nor The New Indian Express reported a timeline for resolution.