The present invention relates to novel substituted 3-spirophosphoryl pyrazole-2-oxindoles of Formula (I) and its pharmaceutically acceptable salts, esters, ethers, isomers, stereoisomers, positional isomers and polymorphs. The present invention further relates to one pot, one step process for the synthesis of spirophosphoryl pyrazole oxindoles of Formula (I) with yield in the range of 70-85%.