The Corporate Insolvency Resolution Process (CIRP) for Spaze Towers Private Limited was initiated on 21.10.2024. The applicants, 20 homebuyers/allottees of the "Spaze Arrow" project, filed an application seeking to exclude alleged "Proxy Claimants" from the Committee of Creditors (CoC), obtain account statements from the Resolution Professional (RP) regarding unit holders' payments, and set aside certain CoC voting decisions. They alleged that suspended directors influenced the CIRP, that "Proxy Claimants" were not genuine allottees but speculative investors or benamidars, and that there were discrepancies in payments, siphoning of funds, and unavailability of Tally data.
The CIRP of Spaze Towers Private Limited ("Corporate Debtor") was admitted by order dated 21.10.2024 under Section 7 of the IBC on an application filed by allottees of the "Spaze Arrow" project.
The present application seeks reconstitution of the CoC to include only genuine unit holders, exclusion of persons whose claims allegedly do not qualify as allottee claims, exclusion of alleged proxies of the suspended management, and exclusion of unverifiable claims based on photocopies of agreements in the absence of Tally data.
It is alleged that the suspended directors resorted to unlawful means to retain influence over the CIRP and secure the appointment of a Resolution Professional of their choice.
…Sign in to view the parties.
Recovery and examination of bank statements…
Reliance is placed on the DTCP financial audit…
The Corporate Insolvency Resolution Process (CIRP) for Spaze Towers Private Limited was initiated on 21.10.2024. The applicants, 20 homebuyers/allottees of the "Spaze Arrow" project, filed an application seeking to exclude alleged "Proxy Claimants" from the Committee of Creditors (CoC), obtain account statements from the Resolution Professional (RP) regarding unit holders' payments, and set aside certain CoC voting decisions. They alleged that suspended directors influenced the CIRP, that "Proxy Claimants" were not genuine allottees but speculative investors or benamidars, and that there were discrepancies in payments, siphoning of funds, and unavailability of Tally data.
The CIRP of Spaze Towers Private Limited ("Corporate Debtor") was admitted by order dated 21.10.2024 under Section 7 of the IBC on an application filed by allottees of the "Spaze Arrow" project.
The present application seeks reconstitution of the CoC to include only genuine unit holders, exclusion of persons whose claims allegedly do not qualify as allottee claims, exclusion of alleged proxies of the suspended management, and exclusion of unverifiable claims based on photocopies of agreements in the absence of Tally data.
It is alleged that the suspended directors resorted to unlawful means to retain influence over the CIRP and secure the appointment of a Resolution Professional of their choice.
…Recovery and examination of bank statements…
Reliance is placed on the DTCP financial audit…