The Applicants, who are homebuyers of the 'Spaze Arrow' project of Spaze Towers Private Limited (Corporate Debtor), filed an application under Sections 21 and 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. They sought several reliefs including the appointment of a project-wise observer or Authorised Representative (AR), a detailed forensic audit to identify creditor-wise payments and receipts, an order to set aside Rs. 23 crores due to original petitioners and secure it by selling the Corporate Debtor's former corporate office, and other appropriate reliefs. The Applicants contended that the 'Spaze Arrow' project was fundamentally different from other projects, incomplete, and its allottees were prejudiced by the alleged
…The Applicants are allottees of the project "Spaze Arrow" of Spaze Towers Private Limited ("Corporate Debtor").
The Corporate Debtor is undergoing Corporate Insolvency Resolution Process (CIRP) pursuant to an order dated 21.10.2024 passed in C.P. (IB) No. 284 of 2021.
The Committee of Creditors (CoC) meetings comprise one authorised representative, the Resolution Professional (RP), and three suspended directors.
Claims broadly arise from commercial and residential projects, with a substantial number from commercial projects where contractual liabilities remain outstanding despite OC/CC.
Claims also arise from three residential projects with RERA orders in favour of allottees for delay compensation, despite physical structures being ready.
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The 'Spaze Arrow' project was proposed to be…
The Corporate Debtor entered into a…
The Applicants, who are homebuyers of the 'Spaze Arrow' project of Spaze Towers Private Limited (Corporate Debtor), filed an application under Sections 21 and 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. They sought several reliefs including the appointment of a project-wise observer or Authorised Representative (AR), a detailed forensic audit to identify creditor-wise payments and receipts, an order to set aside Rs. 23 crores due to original petitioners and secure it by selling the Corporate Debtor's former corporate office, and other appropriate reliefs. The Applicants contended that the 'Spaze Arrow' project was fundamentally different from other projects, incomplete, and its allottees were prejudiced by the alleged
…The Applicants are allottees of the project "Spaze Arrow" of Spaze Towers Private Limited ("Corporate Debtor").
The Corporate Debtor is undergoing Corporate Insolvency Resolution Process (CIRP) pursuant to an order dated 21.10.2024 passed in C.P. (IB) No. 284 of 2021.
The Committee of Creditors (CoC) meetings comprise one authorised representative, the Resolution Professional (RP), and three suspended directors.
Claims broadly arise from commercial and residential projects, with a substantial number from commercial projects where contractual liabilities remain outstanding despite OC/CC.
Claims also arise from three residential projects with RERA orders in favour of allottees for delay compensation, despite physical structures being ready.
…The 'Spaze Arrow' project was proposed to be…
The Corporate Debtor entered into a…