Pranav B Prem

The National Company Law Appellate Tribunal (NCLAT), New Delhi, has held that claims filed belatedly by genuine homebuyers cannot be rejected when their names and payments are duly reflected in the corporate debtor’s records. The Tribunal emphasized that procedural timelines under the Insolvency and Bankruptcy Code (IBC) cannot override substantive contractual rights of allottees. A Bench comprising Justice Ashok Bhushan (Chairperson) and Arun Baroka (Technical Member) was hearing appeals filed by homebuyers against the decision of the National Company Law Tribunal (NCLT), New Delhi, which had upheld the rejection of their claims as time-barred by the Resolution Professional (RP) of Today Homes Noida Pvt. Ltd., the developer of “Ridge Residency” in Noida.

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The appellants, including Ms. Reena, had been allotted flats for which substantial payments were made between 2011 and 2019. However, due to lack of awareness about the insolvency proceedings, they filed their claims after a delay of over 1,300 days. The RP rejected the claims citing Regulation 12(2) of the CIRP Regulations, 2016, which requires claims to be filed within 90 days of insolvency commencement.

The NCLAT noted that the payments made by the homebuyers were duly reflected in the corporate debtor’s books of account and records. The Tribunal distinguished the present case from the Supreme Court’s ruling in RPS Infrastructure Ltd., observing that in RPS Infrastructure, the claimant was a commercial creditor who was aware of the proceedings, whereas in this case, the appellants were individual allottees.

The Bench observed that the Resolution Professional is statutorily bound to collect and verify claims based on the corporate debtor’s records. Once the names and payments of allottees are reflected in such records, their claims cannot be ignored merely due to late filing. The Tribunal observed: “The Resolution Professional is obligated to verify the claims of such allottees which are verifiable from the records of the Corporate Debtor. Procedural timelines cannot override substantive rights arising from the contractual relationship between the homebuyer and the developer.”  Referring to its earlier decision in Puneet Kaur vs. M/s K.V. Developers Pvt. Ltd., the NCLAT reiterated that genuine homebuyer claims must be recognized if substantiated through the developer’s books. The Tribunal held that the present matter is squarely covered by the Puneet Kaur judgment.

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Accordingly, the NCLAT directed the Resolution Professional to prepare a list of all homebuyers whose details and payments are reflected in the corporate debtor’s records and to submit the same to the Resolution Applicant, who shall prepare an addendum to the Resolution Plan incorporating these claims. The Committee of Creditors (CoC) has been directed to consider this addendum and place it before the Adjudicating Authority (NCLT) for approval. The Tribunal thus allowed the appeals, holding that homebuyers’ claims supported by the corporate debtor’s records deserve due consideration despite procedural delay.

Appearance

For Appellant: Mr. Bishwajit Dubey, Mr. Nipun Gautam, Ms. Udita Singh, Advocates

For Respondents: Mr. Sunil Fernandes, Sr. Adv. with Ms. Anuja Pethia, Mr. Noor Shergill, Mr. Rishabh Govilla, Mr. Rishabh Nigam, Ms. Kshirja Agarwal, Ms. Mansi, Advs. for R-2. Mr. Harish Taneja, Ms. Manvi Jain, Mr. Anuj Maheshwari, Advocates for RP

Cause Title: Ms. Reena Versus Rabindra Kumar Mintri & Anr

Case No: Comp. App. (AT) (Ins) No. 170 of 2025

Coram: Justice Ashok Bhushan (Chairperson), Arun Baroka (Technical Member)