Homebuyer's Late Claim Validated: Resolution Plan Must Accommodate Legitimate Interests Despite Procedural Timing Constraints

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Full Text of the Document

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....NCLAT held that despite belated claim submission by a homebuyer after CoC approval, the claim must be considered if reflected in the corporate debtor's information memorandum. The Tribunal directed the resolution professional to submit appellant's details to the resolution applicant, who shall prepare an addendum to the resolution plan within three months. The resolution plan, including the addendum, shall be placed before the CoC and subsequently considered by the Adjudicating Authority during plan approval. The decision balances procedural timelines with substantive justice for non-commercial entities like homebuyers, ensuring their legitimate claims are not entirely extinguished due to technical delays.....