FAQs ON SUBMISSION OF CLAIMS TO INTERIM RESOLUTION

PROFESSIONAL/RESOLUTION PROFESSIONAL IN THE MATTER OF

M/S. SPAZE TOWERS PRIVATE LIMITED

Released on 24.10.2024

By Gaurav Katiyar, Interim Resolution Professional in matter of M/s. Spaze Towers

Private Limited

[Link]@[Link]

Disclaimer: The FAQs below and their responses are our attempt to help potential
claimants and are purely for informal guidance. This is neither a legal or professional
advice, nor are the responses any statutory/adjudicatory authority’s views. Claimants
may consult their respective advisers in case of any doubt.

Kindly refer to the FAQs below for any clarification with respect to your claims and
submission thereof. Please note that claims which are not in accordance with the
requirements of the Code and the Regulations are liable to be ignored/rejected and the
consequences would be that the claimant may not participate in the process.

Further these FAQs are continuously being updated by IRP by incorporating new
queries to increase the effectiveness and coverage of the FAQs. Please check the updated
FAQs at [Link]

Please have a look at aforesaid website to have each and every update about these
proceedings. [Please go in IBC matters tab button available at the main page of the
website].
 BACKGROUND/GENERAL

1. Name of company in which Hon’ble NCLT had ordered Corporate Insolvency

Resolution Process (CIRP)?
The Hon’ble National Company Law Tribunal (NCLT) had ordered the Corporate
Insolvency Resolution Process (CIRP) of M/s. Spaze Towers Private Limited.

2. What is the Company Petition No in which such order is passed by the Hon’ble
NCLT?
The Hon’ble NCLT had ordered the CIRP of M/s. Spaze Towers Private Limited in
C.P. No. (IB)-284(ND)/2021.

3. From where I can get the order passed by the Hon’ble NCLT?
The order passed by the Hon’ble NCLT can be downloaded from the below
mentioned link:
[Link]
details?bench=ZGVsaGk=&filing_no=MDcxMDEwMjAzNTg1MjAyMQ==

4. What is the meaning of Corporate Insolvency Resolution Process (CIRP)?

As such there is no specific definition of CIRP provided in the Insolvency and
Bankruptcy Code’ 2016. However, broadly it can be said that M/s. Spaze Towers
Private Limited has done the “default” in payment of liabilities, hence the financial
position of M/s. Spaze Towers Private Limited is not very well and CIRP is the
process through which creditors of the M/s. Spaze Towers Private Limited can
detect that whether the company can be revived or go on as a going concern before
the liquidation and what are the possibilities of revival of the M/s. Spaze Towers
Private Limited before its liquidation.

5. Who will conduct the Corporate Insolvency Resolution Process (CIRP)?

The Hon’ble NCLT had appointed Mr. Gaurav Katiyar, as Interim Resolution
Professional (IRP), who shall act as IRP for initial period of Thirty (30) days after
 the expiry the Committee of Creditors (CoC) shall appoint one Resolution
Professional.

6. How long the Corporate Insolvency Resolution Process (CIRP) will run?
As per section 12 of the I & B Code’ 2016, the CIRP has to be concluded within one
hundred and eighty (180) days, however the period of one hundred and eighty
(180) days can be extended to Three Hundred and Thirty days (330).

7. What will happen after the expiry of CIRP period?

Either the insolvency of M/s. Spaze Towers Private Limited will be resolved or the
M/s. Spaze Towers Private Limited will go into the liquidation.

8. What is the meaning of Committee of Creditors (CoC) and who are its members?
Committee of Creditors shall be the body comprising the creditors of M/s. Spaze
Towers Private Limited. Generally, the Financial Creditors are the members of the
CoC, however in the absence of Financial Creditors, Eighteen largest operational
creditors become the members of CoC.

9. What is the role/function of Committee of Creditors (CoC)?

After the constitution of CoC the CIRP is conducted on the instructions of the CoC
and all the voting powers of the Board of Directors of the company are vested in the
members of CoC.

10. Who are the financial creditors?

As per section 5(7) of the I & B Code’ 2016 “Financial creditor” means any person to
whom a financial debt is owed and includes a person to whom such debt has been
legally assigned or transferred to. Further, section 5(8) of the I & B Code’ 2016,
defines the terms “Financial Debt”.
11. Who are the operational creditors?
As per section 5(20) of the I & B Code’ 2016 “operational creditor” means a person
to whom an operational debt is owed and includes any person to whom such debt
has been legally assigned or transferred. Further As per section 5(21) of the I & B
Code’ 2016, “operational debt” means a claim in respect of the provision of goods
or services including employment or a debt in respect of the payment of dues
arising under any law for the time being in force and payable to the Central
Government, any State Government or any local authority.

12. Forms required to be filed by the Creditors?

Form B: Proof of Claim by operational creditors except workmen and employees
Form C: Submission of claim by financial creditors
Form CA: Submission of claim by financial creditors in a class
Form D: Proof of claim by a workman or an employee
Form E: Proof of claim submitted by authorised representative of workmen and
employees
Form F: Proof of claim by creditors (other than financial creditors and operational
creditors)

13. From where the forms required to be filed by the Creditors can be downloaded?
The forms required to be filed by creditors can be downloaded from the below
mentioned link:
[Link]

Please use available in serial No-1 only.

14. Whether downloaded form can be filled by hand or computerized filled form is
required?
The downloaded form may be filled by hand or may be typed in computer. Claim
form must be duly signed by the claimants else it may be rejected/ ignored.
QUERIES PERTAINING TO SHOP/PLOT/COMMERCIAL SPACE/ FLAT BUYER OF
M/s. SPAZE TOWERS PRIVATE LIMITED

15. I am a shop/plot/commercial space/ flat buyer of M/s. Spaze Towers Private

Limited, which form is applicable to me?
In case of shop/plot/commercial space/ flat buyer of M/s. Spaze Towers Private
Limited Form CA is required to be filled.

16. Do I still require to file Form CA if I purchased shop/plot/commercial space/ flat

buyer from other group companies and not from M/s. Spaze Towers Private
Limited?
No.

17. What is the time limit of filing of Form CA?

Form CA should be filed within 14 days (i.e. on or before 06.11.2024) from the
date of appointment of IRP.
However, it can also be filed within 90 days from the commencement of CIRP i.e.
19.01.2025.

18. What if, I am a shop/plot/commercial space/ flat buyer of M/s. Spaze Towers
Private Limited and don’t file the Form CA?
Then you will be left out of the Corporate Insolvency Resolution Proceedings.
Generally and broadly, during CIRP, the Hon’ble NCLT, CoC, IRP/RP takes care of
interest of the creditors who had filed their respective forms and in absence of your
Form CA, you may be left out from their considerations.

18A How can I file the Form CA?

Form CA has to be mandatorily filed in electronic mode. In the present case please
file the duly filled, signed and scanned Form CA along with relevant
documentary evidence @ [Link]@[Link] .
18B Can I claim interest in Form CA?
Yes. However, IRP/RP will examine whether you are entitle for any interest, but
you can claim.

18C At what rate I can claim interest?

The rate of interest shall be as per the terms and conditions of the
agreement/contract with builder.

18D Till when I can claim interest?

The interest can be claim till date of commencement of CIRP i.e. 21.10.2024.
Beyond 21.10.2024, no interest will be admitted by the IRP.

19. What documents I am supposed to annex along with Form CA?

The general rule is buyer can annex any paper to show/proof that the buyer had
purchased/booked the flat in M/s. Spaze Towers Private Limited and paid the
amount of consideration.
Generally, these papers are sufficient:
 Calculation sheet showing the calculations of amount of debt (preferably in
MS-excel format);
 Allotment letter issued by M/s. Spaze Towers Private Limited;
 Payment Receipts issued by M/s. Spaze Towers Private Limited;
 Statement of Account, if any, issued by M/s. Spaze Towers Private Limited;
 Memorandum of Understanding /Builder Buyer Agreement;
 Bank Statement showing the payments made to M/s. Spaze Towers Private
Limited;
 TDS statement, if deducted;
 Copy of PAN/Aadhar of allottee/ co-allottee
 Copy of cancelled cheque of account mentioned in claim form
 Any other document, if relevant.
20. What if, Statement of Account issued by M/s. Spaze Towers Private Limited is
not available with me?
Then please fill Form CA on the basis of other documents available with you, the
IRP shall try to get your Statement of Account from the management of the
company.

21. Can I requests/write mail to the IRP/RP to issue my Statement of Account from
M/s. Spaze Towers Private Limited?
The IRP is an outsider appointed by the Hon’ble NCLT. The RP knows very little
about the records, documents, software and files of the company. In such situation
the outcome of your request will depend on the cooperation of the management of
the company. Hence, under these circumstances, the IRP will try to arrange the
same but cannot promise/assures to provide the same.

22. Can IRP/RP reject my claim if Statement of Account issued by M/s. Spaze
Towers Private Limited is not available with me?
No. In that case please provide other relevant documentary evidence available with
you, IRP/RP is will consider the same.

23. Once I file my claim is the IRP/RP bound to admit it?

No. If the claimant is not able to prove his debt, then the IRP/RP has to right to
reject or partially admit the claim.

QUERIES RELEVANT FOR OPERATIONAL CREDITORS OF THE COMPANY

24. I am an Operational Creditor of the Company. Which Form should I use to file
my claim?
An Operational Creditor, other than a workman or employee, will have to fill in
Form B along with the Declaration and Verification, provided under Schedule of
IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
 (“CIRP Regulations”) and submit it to the Interim Resolution Professional (IRP)
(Mr. Gaurav Katiyar) of the Corporate Debtor.

25. How should an Operational Creditor, (other than workmen and employee)
submit the Form (proof of claim) to the IRP?
An Operational Creditor shall submit the Form to the IRP in person, by post or by
electronic means.

26. What is the time limit of filing of Form B?

Form CA should be filed within 14 days (i.e. on or before 06.11.2024) from the date
of appointment of IRP.

However, it can also be filed within 90 days from the commencement of CIRP i.e.
19.01.2025.

27. What if, I am an operational creditor of M/s. Spaze Towers Private Limited and
don’t file the Form B?
Then you will be left out of the Corporate Insolvency Resolution Proceedings.
Generally and broadly, during CIRP, the Hon’ble NCLT, CoC, IRP/RP takes care of
interest of the creditors and in absence of your Form CA, you may be left out from
their considerations.

28. Should a Form for filing proof of claim accompany any documentary evidence?
Yes. Every Form for filing proof of claim of a creditor shall be supported by
documentary evidence. An Operational Creditor may support his/its claim with
invoice/bill of supply of goods/services or any other relevant documentary proof.

29. What is the format of the Declaration required to be filed along with the proof of
claim?
The format of Declaration is provided in Schedule in respect of each Form for filing
proof of claim.
30. Each Form for submission of proof of claim by a creditor requires particulars of
mutual credit, mutual debts, or other mutual dealings between the corporate
debtor and the creditor which may be set-off against the claim made by the
creditor. What is meant by such particulars?
There might be instances where debt may also be owed by the creditor towards the
Corporate Debtor. Such debts may be referred to as mutual debts/credits between
the Corporate Debtor and creditor, which may be set off against the debt/claim of
the creditor. In such case, the creditor shall mention the particulars of such mutual
debt in the specified space provided in the respective Form for filing proof of claim.

For example: A Ltd. is a Corporate Debtor owing debt amounting to INR 1000 to OC Ltd.
an Operational Creditor for goods supplied by OC Ltd. A Ltd. is in the business of
providing HR consultancy services. In its course of business, A Ltd. provided services to
OC Ltd., consideration for which amounting to INR 400 is yet to be paid by OC Ltd. Such
INR 400 shall be referred to as mutual debt between A Ltd. and OC Ltd. which may be set
off against the claim of OC Ltd. amounting to INR 600. Particulars of such mutual debt
have to be mentioned in Form B for submission of proof of claim by an Operational Creditor.

QUERIES RELEVANT FOR ALL THE CREDITORS OF THE COMPANY

31. How does the IRP/RP check the claim?

The IRP/RP is will consider the documentary proof filed by the creditor along with
his claim. In case of any discrepancy the IRP/RP has right to ask for further
documents/clarification from the creditor who is bound to provide the same.
The IRP/RP shall also consider the books of accounts and other records of the
company, if the same is available to him.

32. What if, I submitted my claim with lesser amount and after some time I found
that I am entitle for large amount?
Please immediately connect with your RP along with relevant documentary proof.
Your RP has powers to vary your claim.
33. Does filing of claim means that the Corporate Debtor or the IRP/RP is going to
pay me money?
A successful submission of claim by a creditor is not a confirmation/assurance of
receipt of debt due. It is merely a representation that a debt is due of respective
amount and nature.

34. What if I submit a wrong claim or inflate the claim amount, or write wrong
particulars?
The submission of a claim is supported by your Affidavit, wherein you are
swearing on oath that the particulars are true and correct. Please evaluate the
serious implications of doing so.
Your claim forms the basis of the RP computing the liquidation value of the assets
and liabilities of the Corporate Debtor. Therefore, you must ensure that the
particulars submitted by you are true and correct.

35. My claim was disputed by the Corporate Debtor. Can I still submit the claim?
Yes, but then you must make it clear in your submission, that the Corporate Debtor
has disputed the claim.

36. I have a contingent claim. Can I submit such claim?

Yes, but then you must make it clear that the claim is contingent, and clarify the
contingency as well.

37. I am holding some securities/assets of the Corporate Debtor against my claim.

Should I still submit the claim?
Yes. The assets of the Corporate Debtor form part of its liquidation estate, and your
claim ranks as per priority order. Therefore, you must submit the claim and
disclose the particulars of the assets/securities you are holding.
38. How do I contact the RP of the Corporate Debtor ?
Please send email to [Link]@[Link] .

39. Can I call the RP?

Communication through emails will be preferred.

Further these FAQs are continuously being updated by IRP by incorporating new
queries to increase the effectiveness and coverage of these FAQs. Please check the
updated FAQs at [Link]

Please have a look at aforesaid website to have each and every update about these
proceedings. [Please go in IBC matters tab button available at the main page of the
website]. The IRP will also made efforts to post updates on the website of the Corporate
Debtor.