# Consortium of AKB Ventures Private Limited & Anr. vs. Narender Kumar Sharma, RP of Spaze Towers Private Limited & Ors.

> NCLT judgment dated 2026-10-05. Citation: TCN-2026-NCLT-01128. The Applicants filed two interlocutory applications: I.A. No. 2604 ND 2026 to amend their…

- **Court:** NCLT
- **Order date:** 5 Oct 2026
- **Citation:** TCN-2026-NCLT-01128
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/spaze-towers-pvt-ltd-7y8y5

## Summary

### Background

The Applicants filed two interlocutory applications: I.A. No. 2604 ND 2026 to amend their prayer clauses by incorporating specific case number references, and I.A. No. 2343 ND 2026 to substitute the name of a consortium member, AKB Ventures Private Limited, with AKB Ventures LLP, in the Memo of Parties. This substitution was necessitated by a corporate restructuring where AKB Ventures Private Limited amalgamated with Prodigious Estate Private Limited, which then changed its name back to AKB Ventures Private Limited, and subsequently converted into AKB Ventures LLP. The Respondent opposed the substitution, alleging suppression of material facts by the Applicants regarding the amalgamation and conversion during the Corporate Insolvency Resolution Process (CIRP).

## Facts

I.A. No. 2604 ND 2026 was filed by the Applicants under Rule 11 of the NCLT Rules, 2016, seeking to amend prayer clauses.

I.A. No. 2343 ND 2026 was filed by the Applicants seeking substitution of the name "Consortium of AKB Ventures Private Limited and Sustainable Projects Private Limited" with "Consortium of AKB Ventures LLP and Sustainable Projects Private Limited" in the Memo of Parties of I.A. No. 5202/2025.

The Adjudicating Authority had previously allowed the Applicants to amend the Original Interlocutory Application vide order dated 27.05.2026.

AKB Ventures Private Limited amalgamated with Prodigious Estate Private Limited with an appointed date of 01.04.2025, effective from 22.10.2025.

…

## Issues and analysis

### Issue 1: Whether the application (I.A. No. 2604 ND 2026) to amend the prayer clause by incorporating …

**Ratio:** An application seeking to amend a prayer clause by incorporating specific case number

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**Reasoning:** The Adjudicating Authority had already permitted the Applicants to amend the Original

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**Interpretation:** Rule 11 of the NCLT Rules, 2016, allows for such procedural amendments that

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**Application:** I.A. No. 2604 ND 2026 is allowed, and the amended prayer clause in I.A. No.

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; ATUL CHAT…
- **Appellants:** Consortium of AKB…; Sustainable…; +1 more
- **Respondents:** Spaze Towers Pvt.…; NARENDER KUMAR…; +2 more
- **Other parties:** CoC…; Vivek Khanna &…
- **Advocates:** Gurcharan…; Amandeep…; +5 more

## Timeline

- **2025-05-19 — CoC Meeting D…**: The Committee of Creditors (CoC), in its 6th meeting, decided to invite separate…
- **2025-05-29 — Form G I…**: The Resolution Professional issued Form G for 13 Projects along with Company, 12 Projects…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(2) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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