The National Company Law Tribunal (NCLT) initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. Grand Venezia Commercial Towers Private Limited and M/s. Bhasin Infotech and Infrastructure Private Limited (corporate debtors) under Section 7 of the Insolvency and Bankruptcy Code, 2016. This was based on a petition filed by 141 individuals, who were allottees of office spaces in the 'Grand Venezia Commercial Tower' project, claiming to be financial creditors. The allottees alleged non-delivery of possession, incomplete construction, and non-payment of assured returns. The National Company Law Appellate Tribunal (NCLAT) upheld the NCLT's decision, leading to these appeals before the Supreme Court.
Company Petition IB (IBC) No. 646/PB/2021 was filed by 141 individuals (allottees of office spaces) against M/s. Grand Venezia Commercial Towers Private Limited and M/s. Bhasin Infotech and Infrastructure Private Limited.
The petitioners claimed to be financial creditors and sought initiation of CIRP under Section 7 of the IBC, 2016.
The project, 'Grand Venezia Commercial Tower', was launched by Bhasin Ltd. in 2005, with land leased from Uttar Pradesh State Industrial Development Authority (UPSIDA).
Possession of units was to be delivered by May 2013, but petitioners alleged units were not ready, unfit for occupation, and lacked a completion certificate.
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Grand Venezia…
UPSIDA allotted…
The National Company Law Tribunal (NCLT) initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. Grand Venezia Commercial Towers Private Limited and M/s. Bhasin Infotech and Infrastructure Private Limited (corporate debtors) under Section 7 of the Insolvency and Bankruptcy Code, 2016. This was based on a petition filed by 141 individuals, who were allottees of office spaces in the 'Grand Venezia Commercial Tower' project, claiming to be financial creditors. The allottees alleged non-delivery of possession, incomplete construction, and non-payment of assured returns. The National Company Law Appellate Tribunal (NCLAT) upheld the NCLT's decision, leading to these appeals before the Supreme Court.
Company Petition IB (IBC) No. 646/PB/2021 was filed by 141 individuals (allottees of office spaces) against M/s. Grand Venezia Commercial Towers Private Limited and M/s. Bhasin Infotech and Infrastructure Private Limited.
The petitioners claimed to be financial creditors and sought initiation of CIRP under Section 7 of the IBC, 2016.
The project, 'Grand Venezia Commercial Tower', was launched by Bhasin Ltd. in 2005, with land leased from Uttar Pradesh State Industrial Development Authority (UPSIDA).
Possession of units was to be delivered by May 2013, but petitioners alleged units were not ready, unfit for occupation, and lacked a completion certificate.
…Grand Venezia…
UPSIDA allotted…