Authority: National Company Law Tribunal, New Delhi Court-IV (Special Bench)
Order Date: 13 July 2026
Case Overview
This application (IA/3115/ND/2026) was filed by Worxpace Consulting Pvt Ltd, a home-buyer and financial creditor, against Ireo Fiveriver Pvt Ltd under Section 60(5) of the Insolvency & Bankruptcy Code, 2016 read with Rule 11 of the NCLAT Rules, 2016. The dispute arose from a resolution plan for Ireo Fiveriver that was approved by the NCLT on 6 August 2021. The applicant cited Clause 4.5 of this approved plan, which provides an option to opt for a larger differential cost. The tribunal noted that the applicant had previously filed a similar application (IA/1585/ND/2026), which was dismissed by order dated 16 April 2026. Furthermore, another application on the same matter (IA/914/ND/2023) was already pending before the tribunal, with its next hearing scheduled for August 2026. The present application was therefore deemed without merit.
Final Outcome
The application was dismissed. The tribunal found no grounds to entertain it, noting the applicant's history of filing similar applications and the existence of a pending application on the same issue.
Topics: Insolvency Proceeding, Real Estate, Home-Buyer