TaxTMI 
TaxTMI 
2026 (7) TMI 1056
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....appeal arises out of an order dated 10.03.2026 passed by the Ld. NCLT, New Delhi in IA (Co.Act)407/2025, which IA was filed under Rule 11 of the NCLT Rules, 2016 read with Section 60(5) of the IBC, seeking condonation of delay in filing the claim by the Appellant with the Resolution Professional and also seeking a direction against the Resolution Professional as a Financial Creditor to receive, verify and admit the appellant's claim as a Financial Creditor in a Class. 2. It is the submission of the learned counsel for the appellant, the appellant had rendered advertisement services to the Corporate Debtor and raised a tax invoice dated 30.09.2014. The payment against the said invoice was not made and hence subsequently a residential flat....
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.... 7. The learned counsel for the appellant tried to distinguish the case of RPS Infrastructure Ltd Vs Mukul Kumar & Anr 2023 SCC OnLine SC 1147 on the ground the parties in such case were in litigation and it was rather the reason, the delay was not condoned but whereas parties in the present case were never in litigation and rather the appellant was never aware of the initiation of CIRP of the Corporate Debtor, hence there was a delay. It was argued the distinction made by the Ld. NCLT between the applicants of IA 407/2025 as well as IA No.408/2025 was wholly incorrect. 8. We have heard the arguments advanced by the learned counsels and have also perused the material on record. This issue has already been decided by this Tribunal in C....
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....neet Kaur' (supra) was with respect to plight of the poor homebuyers and cannot be taken benefit by firm as the appellant. It was also noticed by the adjudicating authority that plan has already been approved by the Committee of Creditors (CoC) and is under consideration before the adjudicating authority. This Tribunal in 'Puneet Kaur' (supra) had observed that when records of the corporate debtor reflect the payments made by homebuyer to the corporate debtor, it is the obligation of the RP to collate such claims irrespective of the fact whether claim has been filed by the homebuyer or not. The present is a case where adjudicating authority has returned a finding that claim of the appellant was not reflected in the record of the corporate d....
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....pellant is not a financial creditor. Reliance has been placed on the judgment of this Tribunal in 'M/s. Propertree Real Estate Solutions Pvt. Ltd.' (supra), where this Tribunal in paragraph 37 laid down following: "37. A significant aspect of the matter which may also be highlighted is that for the Builder Buyer Agreement executed allegedly for allotment of two flats nothing was paid by the appellant and only the due amount of brokerage has been shown as outstanding in MoU of 25.11.2021 as amended by MoU dated 03.02.2022 as consideration of these two flats. Thus no money in fact, was paid or disbursed by the appellant to the CD as a consideration of the two flats stated to be allotted under the agreement dated 25.11.2021 as amended....
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....rement of existence of a debt, which is disbursed against the consideration for the time value of money, in our view, remains an essential part even in respect of any of the transactions/dealings stated in clauses (a) to (i) of Section 5(8), even if it is not necessarily stated therein. In any case, the definition, by its very frame, cannot be read so expansive, rather infinitely wide, that the root requirements of "disbursement" against "the consideration for the time value of money" could be forsaken in the manner that any transaction could stand alone to become a financial debt. In other words, any of the transactions stated in the said clauses (a) to (i) of Section 5(8) would be falling within the ambit of "financial debt" only if it ca....