<h2>Supreme Court Cancels Bail of Satinder Singh Bhasin in Grand Venice Project</h2>
<p>The apex court on 2 April 2026 revoked the bail of <strong>Satinder Singh Bhasin</strong>, director of <span class="key-term" data-definition="Bhasin Infotech and Infrastructure Private Limited (BIIPL) – a private real‑estate company whose funds were misused for bail security (GS2: Polity)">BIIPL</span>, citing non‑settlement of allottees’ claims and illegal siphoning of company funds. The court also ordered forfeiture of the entire Rs 50 crore bail deposit, directing a split between the <span class="key-term" data-definition="National Legal Services Authority – statutory body that provides free legal services and ensures access to justice (GS2: Polity)">NALSA</span> and the <span class="key-term" data-definition="Insolvency Resolution Professional – a licensed professional appointed to manage the insolvency process of a defaulting company under the IBC (GS3: Economy)">IRP</span> for ongoing insolvency proceedings.</p>
<h3>Key Developments</h3>
<ul>
<li>Supreme Court bench of <span class="key-term" data-definition="Justice Sanjay Karol and Justice N.K. Singh – sitting judges of the Supreme Court of India (GS2: Polity)">Justice Sanjay Karol</span> and <span class="key-term" data-definition="Justice N.K. Singh – sitting judge of the Supreme Court of India (GS2: Polity)">Justice N.K. Singh</span> cancelled bail and imposed a one‑week surrender deadline.</li>
<li>Forfeiture of Rs 50 crore: Rs 5 crore (plus interest) to NALSA; remaining amount to the IRP for IBC proceedings.</li>
<li>Passport of the petitioner to remain withheld without court permission.</li>
<li>Petitioner may apply for fresh bail after 12 months, subject to compliance with insolvency orders.</li>
<li>The court highlighted illegal use of company funds, violating <span class="key-term" data-definition="Section 185 of the Companies Act, 2013 – prohibits a company from giving a loan or guarantee to its directors unless approved by a special resolution (GS2: Polity/Economy)">Section 185</span>, and the practice of double allotment of flats.</li>
</ul>
<h3>Important Facts</h3>
<p>The Grand Venice project, located in the National Capital Region, comprised a mall, commercial tower, and hotel. Approximately 63 FIRs were lodged across Delhi and Uttar Pradesh alleging cheating, misappropriation of allottees’ money, and collusion with state officials. The Supreme Court had earlier granted bail on 6 Nov 2019, conditioned on settlement of allottees’ claims and a personal deposit of Rs 50 crore. Bhasin instead diverted the amount from BIIPL’s accounts, a breach of corporate law.</p>
<p>During hearings, the court learned that Bhasin engaged in <span class="key-term" data-definition="Double allotment – the illegal practice of allocating the same property unit to multiple buyers, leading to disputes (GS2: Polity)">double allotment</span> and failed to hand over possession or refunds. A committee headed by retired
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