# Consortium of AKB Ventures LLP & Anr. vs. Narender Kumar Sharma & Ors.

> NCLT judgment dated 2026-10-05. Citation: TCN-2026-NCLT-01129. 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-01129
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/spaze-towers-pvt-ltd-jbvbj

## Summary

### Background

The Applicants filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to declare the Committee of Creditors (CoC) voting process null and void, remove the Resolution Professional (RP), appoint a new RP, investigate alleged misconduct, and initiate a fresh voting process. The primary grievances included alleged information asymmetry, canvassing by Corporate Debtor employees (Mr. Devender Bhardwaj and Mr. Vivek Sharma) in favor of the ex-promoters' resolution plan, circulation of conflicting compliance reports, and the conduct of the e-voting process during the Diwali holiday period.

## Facts

The Applicants filed I.A. 5202/ND/2025 under Section 60(5) of the IBC, 2016, seeking various reliefs.

Reliefs sought included declaring the CoC voting process (19.10.2025-21.10.2025) null and void, removing RP Narender Kumar Sharma, appointing a new RP, investigating the conduct of the RP and his appointees (Mr. Devender Bardwaj, Mr. Vivek Sharma), and initiating a new, fair voting process.

On 29.05.2025, the RP published Form-G inviting Expressions of Interest (EOI) from prospective resolution applicants.

The Applicant, Consortium of AKB Ventures LLP and Sustainable Projects Private Limited, submitted its EOI under Category 1 on 12.06.2025 and deposited INR 50,00,000/- as Earnest Money Deposit (EMD).

…

## Issues and analysis

### Issue 1: Whether the CoC voting process conducted from 19.10.2025 to 21.10.2025 is null and void due to …

**Ratio:** Allegations of material illegality, fraud, collusion, or procedural irregularity must be

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**Reasoning:** The mere fact that Corporate Debtor employees continued to work under the RP's

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**Interpretation:** The burden of proof lies with the Applicant to demonstrate a fundamental defect

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**Application:** The Applicants failed to provide cogent material to establish that the RP

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; ATUL CHAT…
- **Appellants:** Consortium of AKB…; Sustainable…
- **Respondents:** Spaze Towers…; NARENDER KUMAR…; +2 more
- **Other parties:** CoC mem…; individual…; +11 more
- **Advocates:** Gurcharan…; Amandeep…; +5 more

## Timeline

- **2025-05-29 — Publication o…**: The Respondent (RP) published Form-G inviting Expressions of Interest (EOI) from…
- **2025-06-12 — Applicant's EOI…**: The Applicant submitted its EOI under Category 1, involving twelve projects along with…

## 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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