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Informist, Thursday, Apr. 2, 2026

 

NEW DELHI – The Supreme Court Thursday cancelled the bail given to Bhasin Infotech and Infrastructure Pvt. Ltd.'s former director Satinder Singh Bhasin on allegations of non-delivery of units to allottees, siphoning of funds, and impropriety in allotment of land with the collusion of government officials regarding the Grand Venice project in Uttar Pradesh. The top court said Bhasin had violated bail conditions set by it in 2019 and, therefore, his bail was being cancelled.

 

The apex court asked Bhasin to surrender to jail authorities within one week. Observing that it had given a lot of opportunities to Bhasin to comply with the bail conditions, the apex court ordered forfeiture of INR 500 million that he had deposited with the court as a condition for grant of bail. The amount of INR 450 million from this forfeited amount along with proportionate accrued interest would be transmitted to the interim resolution professional of Bhasin Infotech and Infrastructure for the purpose of its insolvency proceedings, the court said.

 

The top court noted that Bhasin had siphoned off INR 740 million from related company Grand Venezia Commercial Towers Pvt. Ltd. to entities connected to his close relatives. This was when Grand Venezia was under a moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016. With this, Bhasin had engaged in siphoning of funds during the subsistence of the moratorium and violated one of the bail conditions of 2019, noted the court.

 

The amount of INR 500 million deposited by Bhasin with the court was from the funds of Bhasin Infotech and Infrastructure and other related entities, the court said. The bail condition requiring deposit as a prerequisite for grant of bail was imposed upon Bhasin in his individual capacity and not from its company, the court said, noting the violation of another bail condition.

 

Further, Bhasin, acting in violation of the law, had still not handed over the affairs of Bhasin Infotech, which was undergoing insolvency proceedings, the court said. It directed Bhasin to hand over the complete management and affairs of Bhasin Infotech to its interim resolution professional at the earliest.

 

As a bail condition, the top court had asked Bhasin to settle the dues of the allottees of the Grand Venice project. For this, Bhasin had offered INR 50 million and the deposited amount of INR 500 million with court to settle the dues. However, INR 14 billion of claims of around 670 creditors and more than INR 4.60 billion in claims of other creditors were pending against him and the money offered by Bhasin was not enough to settle those claims, the court noted. By not settling the dues of the project's allottees, Bhasin had violated another bail condition, it said.

 

The top court said that Bhasin could apply for regular bail afresh after a period of 12 months and subject to fully complying with the orders passed in the insolvency proceedings. Bhasin's passport is not to be released by the trial court without the leave of the apex court, it added.

 

The case has its genesis in the allottees of Grand Venice project filing first information reports against Bhasin for not delivering their flats, siphoning money, and fraud in allotment of land. In 2019, the apex court granted interim bail to Bhasin and asked him to follow certain conditions. After witnessing violation of these conditions by Bhasin, the allottees moved the Supreme Court seeking cancellation of bail.  End

 

Reported by Surya Tripathi

Edited by Avishek Dutta

 

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