# In the matter of Spaze Towers Private Limited

> NCLT judgment dated 2025-07-10. Citation: TCN-2025-NCLT-01162. The application was filed by Mr. Ishan Singh against Mr. Gaurav Katiyar, the Resolution…

- **Court:** NCLT
- **Order date:** 10 Jul 2025
- **Citation:** TCN-2025-NCLT-01162
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/spaze-towers-private-limited-20216112

## Summary

### Background

The application was filed by Mr. Ishan Singh against Mr. Gaurav Katiyar, the Resolution Professional of M/s Spaze Towers Private Limited, seeking to exclude unsold inventory and subject property from the valuation of the Corporate Debtor and the Information Memorandum.

## Facts

Mr. Ishan Singh filed an application seeking to exclude unsold inventory and subject property from the valuation of M/s Spaze Towers Private Limited.

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Spaze Towers Private Limited on 21.10.2024.

Mr. Gaurav Katiyar was appointed as the Interim Resolution Professional of the Corporate Debtor.

The Applicant (Ishan Singh) terminated the Collaboration Agreement with the Corporate Debtor on 13.12.2018.

An Arbitral Award dated 14.09.2022 upheld the termination of the Collaboration Agreement.

The Applicant raised similar grounds before the Arbitral Tribunal and HRERA, Gurugram, but did not succeed in securing the reliefs sought.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority has …

**Ratio:** The NCLAT held that the Adjudicating Authority does not lack jurisdiction in entering

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**Reasoning:** The question of whether assets included in the Information Memorandum are assets of the

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**Interpretation:** The Adjudicating Authority has the power to determine whether a subject land is

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**Application:** The Adjudicating Authority relied on this principle to assert its jurisdiction

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## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Appellants:** Vivek Khanna &…; ISHAN S…
- **Respondents:** Spaze Towers…; Gaurav Ka…
- **Advocates:** Saurabh…; Guneet S…; +8 more

## Timeline

- **2021 — Initiation…**: CIRP initiated against M/s Spaze Towers…
- **2024-10-21 — Admission in…**: M/s Spaze Towers Private Limited was admitted into Corporate Insolvency Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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