SATINDER SINGH BHASIN Vs. COL. GAUTAM MULLICK

JUDGEMENT

(1.) By order dtd. 4/12/2023 passed in Company Petition IB (IBC) No. 646/PB/2021, the National Company Law Tribunal, Court ­ V, New Delhi Bench , initiated corporate insolvency resolution process under Sec. 7 of the Insolvency and Bankruptcy Code, 2016 against M/s. Grand Venezia Commercial Towers Private Limited and M/s. Bhasin Infotech and Infrastructure Private Limited . Assailing the said order, Company Appeal (AT)(INS) Nos.1593 and 1594 of 2023 came to be filed before the National Company Law Appellate Tribunal, Principal Bench, New Delhi . Ashok Kumar, the appellant in Company Appeal (AT)(INS) No.1593 of 2023, is an erstwhile Director of Grand Venezia Ltd., while Satinder Singh Bhasin, the appellant in Company Appeal (AT)(INS) No.1594 of 2023, is an erstwhile Director of Bhasin Ltd. On 7/12/2023, the NCLAT took note of the appellants' claim that the constructions were complete and the units were ready to occupy and directed that no further steps should be taken pursuant to the order admitting the company petition. The appellants were also directed not to create third party interests in respect of the respondents' units. However, by common judgment dtd. 29/10/2025, the NCLAT dismissed both the appeals. Civil Appeal Nos. 13779 and 13812 of 2025 were filed by the appellants therein against the said judgment.

(2.) Notably, during the pendency of the proceedings before the NCLAT, Satinder Singh Bhasin filed I.A. No. 5936 of 2025 in his appeal seeking permission to deposit Rs.15,62,00,000.00 to prove his bonafides. This I.A. was filed after judgment was reserved in the appeals. By order dtd. 7/10/2025, the NCLAT rejected his application. Aggrieved, Satinder Singh Bhasin filed Civil Appeal No. 13628 of 2025.

(3.) Though Civil Appeal No. 13628 of 2025 filed by Satinder Singh Bhasin was earlier in point of time, the substantial appeals are the later ones, i.e., Civil Appeal Nos. 13779 and 13812 of 2025, and we propose to deal with them in the first instance.