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The Supreme Court has revoked the bail granted to Satinder Singh Bhasin, promoter of Bhasin Infotech and Infrastructure Pvt Ltd, in the long-pending Grand Venice homebuyers case. The court found that Bhasin violated bail conditions and siphoned INR 75 crore of homebuyers money while out on bail. He has been directed to surrender within a week and serve at least one year in jail before applying for fresh bail. The forfeited bail amount of INR 50 crore will partly support legal aid and partly fund ongoing insolvency proceedings.
The Supreme Court has withdrawn bail for Satinder Singh Bhasin, key promoter of Bhasin Infotech and Infrastructure Pvt Ltd, ordering him to surrender and return to custody. The court observed that Bhasin breached bail conditions and diverted INR75 crore of homebuyers funds while free. Advertisement
A bench led by Justices Sanjay Karol and N K Singh gave him one week to surrender and stated he must spend at least one year in jail before being eligible for fresh bail, contingent on full compliance with insolvency proceedings. The court also barred the release of his passport without its permission.
The court noted that six years ago, Bhasin was granted bail on the condition that he actively work to settle all homebuyer claims. However, he allegedly shifted responsibility for delays onto the allottees or the Uttar Pradesh State Industrial Development Authority (UPSIDA).
Bhasin's company had launched the Grand Venice housing and commercial project in Greater Noida, which remains incomplete, leaving homebuyers waiting for over 15 years. The INR 50 crore deposited as part of his bail in 2019 was found to have come from the company's account rather than personal funds. The court ordered INR 5 crore to go to the National Legal Services Authority (NALSA) and the remaining INR 45 crore to the insolvency resolution professional managing the company.
Regarding the siphoned funds, the court noted that transfers of INR 74 crore to entities linked to Bhasin's close associates were inadequately explained, claimed as commercial advances or repayments, without supporting evidence. This raised concerns about the management of the corporate debtor's affairs.
The decision underlines the importance of complying with bail conditions and holding promoters accountable, especially in cases affecting large numbers of homebuyers. It also ensures that diverted funds are partially recovered to support affected allottees and ongoing legal processes.
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