In Brief
A group of 103 allottees filed a joint petition under the Insolvency and Bankruptcy Code against two real estate developers (Grand Venezia Ltd. and Bhasin Ltd.) after units in a commercial project remained undelivered for years despite payments. The Supreme Court upheld the petition's admission, holding that joint insolvency proceedings against multiple interlinked corporate entities are maintainable when they work together on the same project. The Court confirmed that the 100-allottee threshold was satisfied at the date of filing, and that the developers had defaulted by failing to deliver possession and execute required sublease deeds with the land authority, despite claiming completion.
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