# VIA PROJECTS PRIVATE LIMITED vs. Mr. Narendra Kumar Sharma, Resolution Professional, Spaze Towers Pvt. Ltd.

> NCLT judgment dated 2026-10-05. Citation: TCN-2026-NCLT-01168. VIA Projects Private Limited (Applicant) filed an application under Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 5 Oct 2026
- **Citation:** TCN-2026-NCLT-01168
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/spaze-towers-pvt-ltd-zaqdh

## Summary

### Background

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

…

## Facts

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the NCLT, New Delhi Bench, vide order dated 28.10.2021 in CP(IB) No. 889 of 2020, which proceedings were subsequently withdrawn upon settlement with creditors.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.

…

## Issues and analysis

### Issue 1: Whether the Resolution Professional should be directed to forthwith take steps, including legal …

**Ratio:** The absence of a particular set of accounting data (Tally data prior to 2016), by itself,

…

**Reasoning:** The minutes of the 2nd CoC Meeting (17.12.2024) recorded that financial data prior to

…

**Interpretation:** The NCLT will not issue directions under Section 19(2) of the Code unless

…

**Application:** The prayer to direct the RP to retrieve complete financial records, including

…

## Parties

- **Judges:** MAHENDRA KHANDELWA…; ATUL CHAT…
- **Appellants:** VIA PROJECTS…
- **Respondents:** Spaze Towers Pvt.…; Narendra Kumar…
- **Other parties:** Committee of…; HARPAL SINGH…; +10 more
- **Advocates:** Nattasha…; Thakur Anki…; +7 more

## Timeline

- **2021-10-28 — Previous CIRP…**: The Corporate Debtor was previously admitted into insolvency by the NCLT, New Delhi…
- **2024-12-17 — 2nd CoC M…**: In the present CIRP, the RP recorded 14 projects of the Corporate Debtor. The CoC…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-new-delhi/spaze-towers-pvt-ltd-zaqdh