2026 (3) TMI 107 - AT - IBC

Claims reflected in corporate records may require a procedural addendum to the resolution plan so creditors can reconsider.

Belated homebuyer claims that are recorded in the corporate debtor's books and information memorandum must be brought to the resolution applicant's ... Seeking admission of belated claims after approval of resolution plan - claims reflected in the corporate debtor's records and information memorandum, but the appellant did not filed any claim. Admission of belated claims after approval of resolution plan - claims reflected in the corporate debtor's records and information memorandum - HELD THAT: - The Tribunal found that the appellant's claim and the payment made in respect of the unit were recorded in the books/list prepared by the Resolution Professional and thus reflected in the corporate debtor's records. Relying on the reasoning in Puneet Kaur [2022 (6) TMI 108 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, PRINCIPAL BENCH, NEW DELHI] (as applied in Rahul Jain [2025 (5) TMI 1030 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, PRINCIPAL BENCH, NEW DELHI - LB] and distinguishing Pooja Mehra [2024 (4) TMI 1064 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, PRINCIPAL BENCH, NEW DELHI] the Tribunal held that where homebuyers' claims are reflected in the records of the corporate debtor, fairness requires that such claim details be furnished to the Resolution Applicant so that an addendum to the resolution plan may be prepared and placed before the CoC for consideration. The Tribunal rejected the contention that mere adjustment of unclaimed units amounted to due consideration of the appellant's claim, noting that payment by the appellant had not been considered against the unit. Consequently, the Tribunal directed the Resolution Professional to submit the details of appellants reflected in the records (including their claims) to the Resolution Applicant, and directed the Resolution Applicant to prepare an addendum to the resolution plan for placement before the CoC; the CoC's consideration of such addendum and the minutes shall be available to the Adjudicating Authority at the time of plan approval. The Resolution Professional shall submit the appellant's details and claims reflected in the corporate debtor's records to the Resolution Applicant, who shall prepare an addendum to the resolution plan and place it before the CoC for consideration; the CoC's minutes and the addendum shall be considered by the Adjudicating Authority when approving the plan and the exercise completed within the timeframe directed by the Tribunal. Final Conclusion: The appeal is disposed by directing the Resolution Professional to furnish the appellant's details and claims to the Resolution Applicant, the Resolution Applicant to prepare an addendum to the resolution plan for CoC consideration, and for the Adjudicating Authority to consider the addendum and CoC minutes when approving the plan, in terms of the directions given in paragraph 17 of the Tribunal's earlier judgment. Issues: Whether a belated claim by a homebuyer, which is reflected in the corporate debtor's records but filed after approval of the resolution plan by the committee of creditors, can be considered by directing the resolution professional to submit details to the resolution applicant and for the resolution applicant to prepare an addendum to the resolution plan for CoC consideration.Analysis: The adjudicating tribunal examined whether the belated claim appears in the corporate debtor's records and information memorandum and compared precedents where claims reflected in records but not included in the information memorandum required remedial steps. The tribunal distinguished decisions where payment was not proved and relied on authority holding that claims reflected in the corporate debtor's records ought to be brought to the resolution applicant's notice so they can be addressed in the resolution plan. The tribunal considered the resolution plan provision extinguishing claims on the effective date but treated that provision in light of the obligation to consider claims shown in the records and the equitable impact of non-consideration. The tribunal concluded that, on the facts where the claimant's payment and entry in the records were established, the appropriate remedy is procedural: direct the resolution professional to supply details to the resolution applicant so an addendum may be prepared and placed before the committee of creditors for consideration within a stipulated time.Conclusion: The appeal is allowed; the resolution professional is directed to submit the claimant details reflected in the corporate debtor's records to the resolution applicant, the resolution applicant shall prepare an addendum to the resolution plan and place it before the committee of creditors for consideration within the period directed by the tribunal, and the adjudicating authority shall consider the addendum and minutes when approving the resolution plan.