VIA Projects Private Limited (Applicant) filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Mr. Narendra Kumar Sharma, the Resolution Professional (RP) of Spaze Towers Pvt. Ltd. (Corporate Debtor). The Applicant sought directions for the RP to retrieve complete financial records, including Tally data, commission a fresh forensic audit, initiate proceedings against the ex-management for alleged siphoning of funds, and restrain the consideration of resolution plans from ineligible persons under Section 29A of the Code. The Applicant alleged gross negligence and abdication of fiduciary responsibilities by the RP, citing missing financial data, failure to initiate avoidance transactions despite evidence, and allowing disqualified
…The Applicant, VIA Projects Private Limited, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016.
The Corporate Debtor, Spaze Towers Pvt. Ltd., was previously admitted into insolvency by the NCLT, New Delhi Bench, vide order dated 28.10.2021 in CP(IB) No. 889 of 2020, which proceedings were subsequently withdrawn upon settlement with creditors.
During the earlier CIRP, the ex-management informed the then Resolution Professional that the Corporate Debtor was undertaking 14 real estate projects.
In the 2nd meeting of the Committee of Creditors (CoC) held on 17.12.2024 in the present CIRP, the Respondent (RP) recorded that the Corporate Debtor had 14 projects.
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The Corporate Debtor was previously admitted…
In the present CIRP, the RP recorded 14…
VIA Projects Private Limited (Applicant) filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Mr. Narendra Kumar Sharma, the Resolution Professional (RP) of Spaze Towers Pvt. Ltd. (Corporate Debtor). The Applicant sought directions for the RP to retrieve complete financial records, including Tally data, commission a fresh forensic audit, initiate proceedings against the ex-management for alleged siphoning of funds, and restrain the consideration of resolution plans from ineligible persons under Section 29A of the Code. The Applicant alleged gross negligence and abdication of fiduciary responsibilities by the RP, citing missing financial data, failure to initiate avoidance transactions despite evidence, and allowing disqualified
…The Applicant, VIA Projects Private Limited, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016.
The Corporate Debtor, Spaze Towers Pvt. Ltd., was previously admitted into insolvency by the NCLT, New Delhi Bench, vide order dated 28.10.2021 in CP(IB) No. 889 of 2020, which proceedings were subsequently withdrawn upon settlement with creditors.
During the earlier CIRP, the ex-management informed the then Resolution Professional that the Corporate Debtor was undertaking 14 real estate projects.
In the 2nd meeting of the Committee of Creditors (CoC) held on 17.12.2024 in the present CIRP, the Respondent (RP) recorded that the Corporate Debtor had 14 projects.
…The Corporate Debtor was previously admitted…
In the present CIRP, the RP recorded 14…