The Applicant, Mukesh Kakar, an allottee holding a Memorandum of Understanding (MoU) with Spaze Towers Pvt. Ltd. (Corporate Debtor), filed an application under Section 60(5) of the IBC, 2016, challenging a Resolution Plan approved by the Committee of Creditors (CoC). The Applicant objected to the plan's differentiation between allottees with Builder Buyer Agreements (BBA) and those with MoUs, alleging that it created a 'class within a class' and resulted in an unfair and prejudicial distribution of settlement amounts, with MoU holders receiving a significantly lower recovery. The Applicant also raised concerns about the plan's feasibility, its 'liquidation-like' outcome, and a potential conflict of interest involving the Resolution Applicant.
The Applicant, Mukesh Kakar, filed a claim of Rs. 52,59,583/- before the Resolution Professional on 09.12.2024, after receiving notice of the CIRP of Spaze Towers Pvt. Ltd.
The Applicant issued an Email dated 28.10.2025, objecting to the proposed Resolution Plan and requesting that the objection be conveyed to the CoC.
The Applicant received notice for the 14th Meeting of the CoC on 13.11.2025, along with the Agenda and the Proposed Resolution Plan submitted by M/s Siddharani Estate.
The Resolution Plan proposes a one-time settlement of Rs. 15,00,00,000/- for unit holders' claims, allocating Rs. 12,00,00,000/- to unit holders with Builder Buyer Agreements (BBA) and Rs. 2,00,00,000/- to unit holders with Memoranda of Understanding (MoU).
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The Applicant filed the…
The Applicant issued an Email objecting to the…
The Applicant, Mukesh Kakar, an allottee holding a Memorandum of Understanding (MoU) with Spaze Towers Pvt. Ltd. (Corporate Debtor), filed an application under Section 60(5) of the IBC, 2016, challenging a Resolution Plan approved by the Committee of Creditors (CoC). The Applicant objected to the plan's differentiation between allottees with Builder Buyer Agreements (BBA) and those with MoUs, alleging that it created a 'class within a class' and resulted in an unfair and prejudicial distribution of settlement amounts, with MoU holders receiving a significantly lower recovery. The Applicant also raised concerns about the plan's feasibility, its 'liquidation-like' outcome, and a potential conflict of interest involving the Resolution Applicant.
The Applicant, Mukesh Kakar, filed a claim of Rs. 52,59,583/- before the Resolution Professional on 09.12.2024, after receiving notice of the CIRP of Spaze Towers Pvt. Ltd.
The Applicant issued an Email dated 28.10.2025, objecting to the proposed Resolution Plan and requesting that the objection be conveyed to the CoC.
The Applicant received notice for the 14th Meeting of the CoC on 13.11.2025, along with the Agenda and the Proposed Resolution Plan submitted by M/s Siddharani Estate.
The Resolution Plan proposes a one-time settlement of Rs. 15,00,00,000/- for unit holders' claims, allocating Rs. 12,00,00,000/- to unit holders with Builder Buyer Agreements (BBA) and Rs. 2,00,00,000/- to unit holders with Memoranda of Understanding (MoU).
…The Applicant filed the…
The Applicant issued an Email objecting to the…