Belated homebuyer claims after resolution plan approval cannot reopen insolvency proceedings or displace finality of the plan.

Homebuyer claims filed more than two years after approval of the resolution plan and beyond the final claim-submission date were not entitled to be admitted. The commentary states that a resolution plan may permit only limited delayed-claim windows, but once the plan is approved, claims not included in it stand frozen and claims outside it are extinguished. The Information Memorandum was not defective for omitting claims that had not been lodged in time, and the insolvency process could not be reopened to accommodate stale demands. The cited precedent on omitted homebuyer claims was treated as distinguishable because the delay there was shorter and the plan had not yet been approved.

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Issues: Whether claims filed by homebuyers after inordinate delay and after approval of the resolution plan could be directed to be entertained, and whether rejection of such belated claims warranted interference.

Analysis: The claims were filed more than two years after approval of the resolution plan by the Adjudicating Authority and long after the last date fixed for submission of claims. The record showed that the resolution plan itself provided only limited windows for entertaining delayed claims, and the appellants approached the process far beyond those limits. The Information Memorandum could not be faulted for not reflecting claims that were not lodged within time. Once a resolution plan is approved, claims not forming part of the plan stand frozen and claims outside the plan are extinguished, and the process cannot be reopened to accommodate stale demands. The cited precedent on inclusion of omitted homebuyer claims was held distinguishable on facts because the delay there was much shorter and the plan had not yet been approved when the claim was pursued.

Conclusion: The belated claims were not entitled to be admitted, and the order refusing to entertain them was upheld in favour of the respondent.

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