New Delhi, Dec 17 (PTI) Appellate tribunal NCLAT on Tuesday dismissed the plea filed by the former promoters of realty firm Spaze Towers to confine the Corporate Insolvency Resolution Process to only one project — Spaze Arrow.
The National Company Law Tribunal (NCLT), on October 21, 2024, directed the initiation of insolvency proceedings against Spaze Towers, admitting a plea filed by its flat owners.
Appealing against the order, the former management approached the National Company Law Appellate Tribunal (NCLAT), requesting to confine the CIRP process to only one project.
However, the appellate tribunal rejected it, saying, “When the claimants have filed claims for the Project…
