# AJAY KUMAR JAIN & ANR. vs. MR. NARENDRA KUMAR SHARMA, RESOLUTION PROFESSIONAL, SPAZE TOWERS PVT. LTD.

> NCLT judgment dated 2026-10-05. Citation: TCN-2026-NCLT-01119. The Applicants filed an application under Section 60(5) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 5 Oct 2026
- **Citation:** TCN-2026-NCLT-01119
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/spaze-towers-pvt-ltd-ggtam

## Summary

### Background

The Applicants filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. They sought to record objections to a Resolution Plan for Spaze Towers Private Limited, reject the plan, and direct the Resolution Professional to invite fresh bids that comply with the IBC, 2016 and associated regulations. The Resolution Plan in question was resolved to be put up for approval before the Committee of Creditors in their 14th Meeting held on 17.11.2025 & 18.11.2025.

## Facts

The Applicants, Ajay Kumar Jain and Jayshree Jain, filed an application (I.A. 504 ND 2026) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016.

The application sought to take on record the objections filed by the Applicants to the Resolution Plan for Spaze Towers Private Limited.

The application requested an order rejecting the Resolution Plan for Spaze Towers Private Limited.

The application sought a direction to the Resolution Professional to invite fresh bids for a Resolution Plan satisfying the parameters of the Insolvency and Bankruptcy Code, 2016, and associated regulations/guidelines.

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## Issues and analysis

### Issue 1: Whether the present application, seeking to record objections to the Resolution Plan, reject it, …

**Ratio:** An application seeking reliefs identical or similar to those already considered and

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**Reasoning:** The Adjudicating Authority had already recorded findings in I.A. No. 6166 of 2025, where

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**Interpretation:** The principle of judicial consistency dictates that once an issue or set of

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**Application:** Given that the reliefs sought by the Applicants in the present application are

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; ATUL CHATURVEDI…
- **Appellants:** Ajay Kuma…; JAYSHREE…
- **Respondents:** Spaze Towers Pvt.…; Narendra Kumar…; +1 more
- **Other parties:** Committee of…; Vivek Khanna &…
- **Advocates:** Aravind Subramania…; Upamanyu…; +5 more

## Timeline

- **2025-11-17 — COC Meet…**: The 14th Meeting of the Committee of Creditors was held where the Resolution Plan for…
- **2025-11-18 — COC Meet…**: The 14th Meeting of the Committee of Creditors continued where the Resolution Plan for…

## 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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