Post by Tarun Nangia

SUPREME COURT CANCELS BAIL OF SATINDER SINGH BHASIN / ORDERS SURRENDER WITHIN ONE WEEK / FORFEITS ₹50 CRORE + ACCRUED INTEREST Who is Satinder Singh Basin ? He is Developer of GRAND VENICE MALL IN GREATER NOIDA Known for its Venice-inspired architecture with: Indoor canals Gondola rides Italian-style facades Located in Greater Noida (near Pari Chowk) Considered one of the most uniquely themed malls in India Now Read Bail Cancellation Details -: Supreme Court Bench of Justice Sanjay Karol and Justice Nongmeikapam Kotiswar Singh cancelled the bail granted to Satinder Singh Bhasin in Miscellaneous Application No. 239/2024 in W.P.(Crl.) No. 242/2019, holding that the petitioner had not complied with the conditions of bail imposed by the Court’s earlier order dated 6 November 2019. The Court has directed the petitioner to surrender within one week from the date of judgment. It has further clarified that the petitioner may seek regular bail afresh only after twelve months, and that too subject to full compliance with orders passed in the insolvency proceedings. The Court also directed that the petitioner’s passport shall not be released by the Trial Court without leave of the Supreme Court. Importantly, the Supreme Court has also ordered forfeiture of the entire amount deposited by the petitioner — ₹50 crore plus accrued interest. Out of this, ₹5 crore plus proportionate accrued interest is to be transmitted to the National Legal Services Authority (NALSA), while the remaining amount with proportionate accrued interest is to be transmitted to the IRP for the purposes of the IBC proceedings. The Court also recorded that the contempt petitions and miscellaneous applications stand allowed in terms of the signed reportable judgment. Appearances included Mr. Gopal Sankaranarayanan, Senior Advocate, Mr. Shyam Divan, Senior Advocate, Mr. K.M. Nataraj, Ld. ASG, and Mr. Atmaram N.S. Nadkarni, Senior Advocate, Adv. Mohit Paul AOR among others. Rgds. LSTN.