# ISHAN SINGH vs. MR. NARENDER KUMAR SHARMA

> NCLAT judgment dated 2026-05-11. Citation: TCN-2026-NCLAT-00198. Ishan Singh (Appellant) entered into a Collaboration Agreement with SP AZE Towers Pvt. Ltd.…

- **Court:** NCLAT
- **Order date:** 11 May 2026
- **Citation:** TCN-2026-NCLAT-00198
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ishan-singh-vs-mr-narender-kumar-sharma-scoo8

## Summary

### Background

Ishan Singh (Appellant) entered into a Collaboration Agreement with SP AZE Towers Pvt. Ltd. (Corporate Debtor) in 2010 to develop a commercial complex. Disputes arose, leading to the Appellant attempting to cancel Powers of Attorney and initiating arbitration. Allottees filed complaints with HARERA and a Section 7 IBC application against the Corporate Debtor. An arbitral award in 2022 rejected the Corporate Debtor's claims but also refused to declare the Collaboration Agreement terminated or restore land to the Appellant. NCLT admitted the Section 7 application in 2024. The Appellant then filed IA 438/2025 before NCLT, seeking to exclude unsold inventory and the subject property from the Corporate Debtor's valuation and Information Memorandum, which NCLT rejected. This

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## Facts

The Appellant (Ishan Singh) entered into a Collaboration Agreement dated 19.06.2010 for the development of a commercial complex "Spaze Arrow" on land owned by the Appellant.

The Appellant issued a General Power of Attorney and Special Power of Attorney in favour of the Corporate Debtor.

Disputes arose between the Appellant and the Corporate Debtor, leading the Appellant to issue notices dated 13.12.2018 and 21.12.2018 cancelling the Powers of Attorney.

The Corporate Debtor registered the project with Haryana Real Estate Regulatory Authority (HARERA), Gurugram, obtained approval for a revised building plan, and allotted 147 units.

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## Issues and analysis

### Issue 1: Whether the unsold inventory in the Project, Spaze Arrow, should be excluded from the valuation of …

**Ratio:** The unsold inventory and subject property, being part of a project developed jointly by

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**Reasoning:** The HARERA Authority, in its order dated 09.02.2022, treated the Collaboration Agreement

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**Interpretation:** The NCLAT interprets the HARERA order and the Arbitral Award to mean that the

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**Application:** The NCLAT applied these interpretations to uphold the Adjudicating Authority's

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** ISHAN S…; Allot…
- **Respondents:** SP AZE Towers…; NARENDER KUMAR…
- **Other parties:** CoC…; Unitholders of…; +6 more
- **Advocates:** Gaurav…; Nattasha…; +11 more

## Timeline

- **2010-06-19 — Collaboration…**: Appellant (Ishan Singh) entered into a Collaboration Agreement with the Corporate Debtor…
- **2018-12-13 — Cancellation of General…**: Appellant issued notice cancelling the General Power of Attorney given to the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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