J U D G M E N T

ASHOK BHUSHAN, J.

1.This appeal has been filed challenging the order dated 10.07.2025 passed by the Adjudicating Authority (National Company Law Tribunal) New Delhi, Court – IV rejecting IA 438/2025 filed by the Appellant to exclude the  unsold inventory in the project, Spaze Arrow and subject property from the valuation of the Corporate Debtor and the Information Memorandum. The Adjudicating Authority by the impugned order has rejected the application. Aggrieved by which order, this appeal has been filed. Brief background facts giving rise to this appeal are:

(i) The Appellant entered into a Collaboration Agreement dated 19.06.2010 for development of a commercial complex "Spaze Arrow" in the land owned by the Appellant situated at Village Naurangpur, Dist. Gurugram which falls in Sector 78, Gurugram, Haryana.

(ii) Appellant issued a General Power of Attorney and Special Power of Attorney in favour of the Corporate Debtor.

(iii) There arose certain dispute between the Appellant and the Corporate Debtor. Appellant issued notice dated 13.12.2018 and 21.12.2018 cancelling the General Power of Attorney and Special Power of Attorney given in favour of the Corporate Debtor.

(iv