In a significant ruling, the National Company Law Appellate Tribunal (NCLAT) on Tuesday dismissed an appeal by former promoters of Spaze Towers. The promoters sought to confine the Corporate Insolvency Resolution Process (CIRP) to just one project, Spaze Arrow, instead of multiple ongoing projects.
The initial directive for insolvency proceedings came from the National Company Law Tribunal (NCLT) on October 21, 2024. The tribunal responded to a plea by homeowners, citing the company’s inability to complete and deliver projects as promised, notably the Spaze Arrow project in Gurugram.
The NCLAT’s dismissal emphasizes the tribunal’s stand that claims related to another project, Spaze Corporate Park, must also be addressed. Previously,…
