# Vivek Khanna & Ors. vs. Mr. Gaurav Katiyar, IRP, Spaze Towers Pvt. Ltd. & Anr. > NCLT judgment dated 2026-10-05. Citation: TCN-2026-NCLT-01125. The Applicants, who are homebuyers of the 'Spaze Arrow' project of Spaze Towers Private Limited… - **Court:** NCLT - **Order date:** 5 Oct 2026 - **Citation:** TCN-2026-NCLT-01125 - **Category:** IBC - **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/spaze-towers-pvt-ltd-irno3 ## Summary ### Background 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 … ## Facts 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. … ## Issues and analysis ### Issue 1: Whether a separate observer or Authorised Representative should be appointed for each project of … **Ratio:** The statutory mechanism under Regulations 4A, 8A, and 16A of the CIRP Regulations … **Reasoning:** The creditors forming the relevant class had already participated in the prescribed … **Interpretation:** The Code and CIRP Regulations establish a comprehensive framework for creditor … **Application:** The prayer for appointment of a separate observer or Authorised Representative … ## Parties - **Judges:** Mahendra Khandelwa…; Atul Chaturvedi… - **Appellants:** Vivek K…; RAJEEV CHA…; +18 more - **Respondents:** Spaze Towers Pvt.…; Gaurav Ka… - **Other parties:** Committee of…; Direc…; +4 more - **Advocates:** Eshna K…; Astha Ag…; +5 more ## Timeline - **2010 — Collaboration Agreement…**: The 'Spaze Arrow' project was proposed to be developed pursuant to a collaboration… - **2012-01-09 — Collaboration Agreement…**: The Corporate Debtor entered into a collaboration agreement in relation to the… ## Legal provisions - [Insolvency and Bankruptcy Code, 2016, Section 21 — Committee of creditors](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-21) --- This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-new-delhi/spaze-towers-pvt-ltd-irno3