# Jyoti Rawal & Ors. vs. Mr. Narendra Kumar Sharma & Anr.

> NCLT judgment dated 2026-10-05. Citation: TCN-2026-NCLT-01127. The Applicants (Jyoti Rawal & Ors.) filed I.A. 3135 ND 2026 under Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 5 Oct 2026
- **Citation:** TCN-2026-NCLT-01127
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/spaze-towers-pvt-ltd-vyt7g

## Summary

### Background

The Applicants (Jyoti Rawal & Ors.) filed I.A. 3135 ND 2026 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking multiple reliefs. These reliefs included directing a fresh forensic audit of the Corporate Debtor (Spaze Towers Pvt. Ltd.), setting aside or rejecting the Resolution Plan due to the erstwhile management's participation, replacing the Resolution Professional (Mr. Narendra Kumar Sharma), initiating avoidance and recovery proceedings, and securing custody of the Corporate Debtor's financial records.

## Facts

An application, I.A. 3135 ND 2026, was filed by Jyoti Rawal & Ors. under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016.

The application sought reliefs including a fresh forensic audit of Spaze Towers Pvt. Ltd., rejection of a resolution plan, replacement of the Resolution Professional Mr. Narendra Kumar Sharma, initiation of avoidance proceedings, and recovery of corporate debtor's records.

The issues raised in the application had previously been considered and adjudicated by the Adjudicating Authority in New Intervention Petition/49/ND/2026 (order dated 05.08.2026), I.A. 3457/ND/2025 (order dated 05.10.2026), and I.A. 1637/ND/2026 (order dated 05.10.2026).

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## Issues and analysis

### Issue 1: Whether a fresh, independent and comprehensive Transaction Review/Forensic Audit of the Corporate …

**Ratio:** Issues that have already been adjudicated upon by the Adjudicating Authority in previous

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**Reasoning:** The Adjudicating Authority noted that the issues concerning alleged deficiencies in the

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**Interpretation:** The principle of finality of adjudication applies, preventing re-litigation of

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**Application:** Since the need for a fresh audit was linked to issues already addressed in

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; ATUL CHAT…
- **Appellants:** JYOTI R…; RAJENDER KUMAR…; +2 more
- **Respondents:** Spaze Towers Pvt.…; Narendra Kumar…; +1 more
- **Other parties:** Vivek Khanna &…
- **Advocates:** Guneet…; Karan G…; +4 more

## Timeline

- **2021-XX-XX — Main Case…**: C.P. IB 284 (PB) OF 2021 initiated, involving…
- **2021-XX-XX — High Court Petition…**: W.P.(C) No. 9094 of 2021 filed before the Hon'ble High Court of Delhi concerning PUFE…

## 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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