Speculative investor cannot claim status & benefits of Financial Creditor: NCLT rejects CIRP Application

Nikhil Khanna Vs Spaze Towers Private Limited (NCLT Chandigarh) Speculative investor cannot claim status and benefits of Financial Creditor: NCLT rejects CIRP Application Nikhil Khanna and 87 other applicants filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016 against Spaze Towers Private Limited (the Respondent), seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The applicants had collectively booked 80 office spaces in the “Spaze Corporate Park” project in Gurgaon, Haryana. They claimed default by the Respondent in payment of assur...