# Mr. Pankaj Gupta & Anr. vs. Mr. Narendra Kumar Sharma, RP, Spaze Towers Pvt. Ltd.

> NCLT judgment dated 2026-10-05. Citation: TCN-2026-NCLT-01118. The Applicants, homebuyers in 'Spaze Privy AT-4', faced delayed possession and obtained an…

- **Court:** NCLT
- **Order date:** 5 Oct 2026
- **Citation:** TCN-2026-NCLT-01118
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/spaze-towers-pvt-ltd-m45p7

## Summary

### Background

The Applicants, homebuyers in 'Spaze Privy AT-4', faced delayed possession and obtained an HRERA order for interest and compensation (Rs. 41.80 lakhs). Following the Corporate Debtor's CIRP commencement, they filed a claim as Financial Creditors. Initially listed 'under review' by the IRP, the Resolution Professional (RP) later denied their Financial Creditor status, asserting that the execution of a conveyance deed (done under protest) and receipt of possession constituted full and final settlement as per the Resolution Plan. The Applicants had withdrawn a prior application based on the RP's counsel's representation that their claim would be treated as Financial Creditors, but the RP subsequently clarified that the claim was subsumed by the Resolution Plan's terms.

## Facts

Mr. Pankaj Gupta and Ms. Prachi Jain (Applicants) booked Unit No. 54, Tower B-3, in the project 'Spaze Privy AT-4', Sector 84, Gurugram.

Possession of the unit was due in 2015 but was delayed.

The Applicants approached HRERA, Gurugram, which, vide order dated 15.03.2022, awarded interest at 9.3% per annum and compensation for increased super area.

HRERA issued Recovery Certificate No. RC/41.8L/2024 dated 28.08.2024 for an amount of Rs. 41,80,000/-, representing the adjudicated liability of the Corporate Debtor.

CIRP commenced against Spaze Towers Pvt. Ltd. (Corporate Debtor) on 21.10.2024.

The Applicants filed their claim in Form CA on 04.11.2024, along with the HRERA Order and Recovery Certificate, claiming status as Financial Creditors/Homebuyers.

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## Issues and analysis

### Issue 1: Whether, after execution of the registered conveyance deed and receipt of possession, the …

**Ratio:** The execution of a conveyance deed and acceptance of possession, especially when the

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**Reasoning:** The NCLT found that the Applicants voluntarily executed the conveyance deed and accepted

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**Interpretation:** The terms of an approved Resolution Plan are binding on all stakeholders, and

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**Application:** In this case, the Applicants' claim for delay compensation, even if

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## Parties

- **Judges:** Mahendra Khandelwa…; Atul Chaturvedi…
- **Appellants:** Pankaj…; Prachi…
- **Respondents:** Spaze Towers Pvt.…; Narendra Kumar…
- **Other parties:** CoC…; Vivek Khanna &…; +1 more
- **Advocates:** Vivek K…; Raveena P…; +7 more

## Timeline

- **2015 — Possession D…**: Possession of Unit No. 54, Tower…
- **2022-03-15 — HRERA Or…**: HRERA, Gurugram, passed an order awarding interest at 9.3% p.a. and compensation to the…

## 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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