NCLT directs initiation of insolvency proceedings against Spaze Towers

The National Company Law Tribunal has started insolvency proceedings against Spaze Towers after flat owners filed a plea. The company failed to complete a project in Gurugram on time. The tribunal appointed an interim resolution professional and suspended the board. 37 petitioners claimed a default of Rs 23.37 crore for their units in 'Spaze Arrow'.
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