The National Company Law Appellate Tribunal (NCLAT) on 17th December rejected a plea by the former promoters of real estate developer Spaze Towers, seeking to confine the Corporate Insolvency Resolution Process (CIRP) to a single project, Spaze Arrow. The appellate tribunal upheld the decision of the National Company Law Tribunal (NCLT), which had initiated insolvency proceedings against the company on October 21, 2024, following a petition from flat owners.
The former management of Spaze Towers had appealed against the NCLT’s order, arguing that the CIRP should apply solely to the Spaze Arrow project. However, the NCLAT dismissed the appeal, emphasizing that limiting the CIRP to just one project would effectively disregard claims from…
