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Issues: (i) Whether the belated claims of homebuyers, whose payments and allotments were already reflected in the records of the corporate debtor and in the resolution professional's affidavit, were required to be considered in the resolution plan notwithstanding filing after the CIRP timeline and after CoC approval. (ii) Whether such claims could be confined to the refund clause of the resolution plan instead of being treated in the same manner as other financial creditors in a class.
Issue (i): Whether the belated claims of homebuyers, whose payments and allotments were already reflected in the records of the corporate debtor and in the resolution professional's affidavit, were required to be considered in the resolution plan notwithstanding filing after the CIRP timeline and after CoC approval.
Analysis: The applications of the homebuyers were pending when the earlier remand order was passed and the appellate directions required the adjudicating authority to decide those applications on merits before resubmission of the plan. The record showed that the allotments and payments of the appellants were admitted in the books of the corporate debtor and were tabulated by the resolution professional. In such a situation, the claims could not be ignored merely because they were filed belatedly. A claim reflected in the corporate debtor's records required due consideration in the resolution process and in the addendum to the plan.
Conclusion: The issue is answered in favour of the appellants. Their claims were required to be considered and incorporated in the resolution plan on the basis of the admitted record.
Issue (ii): Whether such claims could be confined to the refund clause of the resolution plan instead of being treated in the same manner as other financial creditors in a class.
Analysis: The refund clause was intended for allottees whose claims had neither been filed, verified, nor brought to the notice of the resolution applicant before submission of the plan. The appellants' claims stood on a different footing because the allotments and payments were already reflected in the corporate debtor's records and in the resolution professional's affidavit. Once the claims were verified from the record, they could not be relegated to a limited refund mechanism. They were entitled to be dealt with in the same class and manner as other similarly placed homebuyers.
Conclusion: The issue is answered in favour of the appellants. The refund clause was held inapplicable, and the claims had to receive the same treatment as those of other financial creditors in a class.
Final Conclusion: The appeals succeeded to the extent that the impugned rejection was set aside and the resolution applicant was directed to prepare a further addendum including the appellants' claims, to be placed before the Committee of Creditors and then before the Adjudicating Authority for consideration of the resolution plan.
Ratio Decidendi: Where a homebuyer's allotment and payment are already reflected in the corporate debtor's records and verified by the resolution professional, a belated claim cannot be excluded from the resolution plan or confined to a refund-only clause merely because it was filed after the CIRP timeline.
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