Millennium Post

Landowner files Rs 155 crore case against Spaze Towers in NCLT

Landowner files Rs 155 crore case against Spaze Towers in NCLT

Gurugram: Invoking insolvency proceedings against Spaze Towers Private Limited before the NCLT, Ishan Singh, landowner of 3.4 acres of land in village Naurangpur in sector 78 Gurgaon who had collaborated with Spaze Towers to develop a commercial project "Spaze Arrow" has filed a case before the NCLT for recovery of Rs 155 crore of principal and interest.

The documents allege fraud whereby the developer promised service apartments in the top floors 14,15, and 16 to the landowner where the building plan was only approved for 12 floors.

Singh alleges that where the collaboration was 67:33, Spaze has sold over 85% of the legal areas and siphoned money from the project.

Spaze Towers started construction without obtaining the Environment Clearance as stipulated in the license to develop a commercial


Besides the landowner, another unit holder, Khanna after being denied a refund for over two years has also filed as a financial creditor against Spaze Towers in the project Spaze Arrow.

Spaze has taken 90% of the money for the Unit purchased by him in the project where even the structure is not complete and the project has been sealed for the past 2 years on orders of the Haryana State Pollution Control


Moreover, 16 additional complaints have been filed in RERA Gurugram in the same matter.

Singh had filed a criminal in the Economic Offences Wing of Delhi Police in July 2018, but no action has been taken to date and he has had to approach the court via a 156 (3) petition.

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