# Various Applicants vs. Resolution Professional, Spaze Towers Pvt. Ltd. & Ors.

> NCLT judgment dated 2026-10-05. Citation: TCN-2026-NCLT-01114. Multiple Interlocutory Applications (IAs) were filed within the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 5 Oct 2026
- **Citation:** TCN-2026-NCLT-01114
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/spaze-towers-pvt-ltd-ks6q9

## Summary

### Background

Multiple Interlocutory Applications (IAs) were filed within the Corporate Insolvency Resolution Process (CIRP) of Spaze Towers Pvt. Ltd. These IAs raised various grievances, including the Resolution Professional's (RP) alleged failure to secure financial records, conduct forensic audits, initiate avoidance proceedings, and prevent ineligible persons (ex-promoters/directors) from submitting resolution plans. Other IAs concerned homebuyers seeking possession of units, adjustment of disputed charges, and Delayed Possession Compensation (DPC). Another set of IAs challenged the RP's and Authorized Representative's conduct, seeking their removal, a fresh resolution plan invitation, and a comprehensive audit due to alleged information asymmetry, canvassing, and procedural

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## Facts

Spaze Towers Pvt. Ltd. (Corporate Debtor) was admitted into CIRP on 21.10.2024.

An earlier CIRP for the Corporate Debtor (CP(IB) No. 889 of 2020) was initiated on 28.10.2021 and subsequently withdrawn upon settlement.

The ex-management initially reported 14 real estate projects but later disclosed only 13, omitting the "Spaze Delhi" project, on which INR 192 crores had been incurred.

The "Spaze Delhi" project is now marketed as "Candeo" by entities connected to the ex-management and was allegedly sold/transferred during the look-back period.

The Resolution Professional (RP) revised the number of projects to 13 in the 4th CoC meeting (26.02.2025) without explanation or due diligence, despite earlier records showing income from "Spaze Delhi."

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## Issues and analysis

### Issue 1: Whether the Resolution Professional failed to fulfill his statutory duties regarding the collection …

**Ratio:** The Resolution Professional's duties include securing financial records, conducting

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**Reasoning:** Applicants alleged RP failed to secure Tally data, initiate forensic audit despite CoC

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**Interpretation:** The RP is obligated to act diligently, but the Adjudicating Authority cannot

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**Application:** The Tribunal found that a forensic audit was indeed commissioned and completed,

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; ATUL CHAT…
- **Appellants:** VIA PROJECTS…; VIBHA NARUL…; +41 more
- **Respondents:** Spaze Towers Pvt.…; Narendra Kumar…; +5 more
- **Other parties:** Committee of…; HARPAL SINGH…; +12 more
- **Advocates:** Nattasha…; Thakur Anki…; +20 more

## Timeline

- **2021-10-28 — Previous CIRP…**: Corporate Debtor was previously admitted into insolvency (CP(IB) No. 889 of 2020), which…
- **2024-10-21 — CIRP Commen…**: Corporate Debtor was admitted into…

## 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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