In 2009, the appellant was allotted a flat in a project that was to be developed by the corporate debtor, Jaypee Infratech Limited (JIL). The appellant had paid almost entire consideration amount to JIL. The balance payment against the possession of said flat was to be made at the time of possession. However, the possession of the said flat eventually has not happened till date. Meanwhile, the JIL went into the Corporate Insolvency Resolution Process (CIRP).
During the process, the Insolvency and Bankruptcy Board of India (IBBI) directed the insolvency professional to consider the claims of the homebuyers from the records of the corporate debtor. JIL’s website mentioned that the flats of homebuyers who did not file the claim during the insolvency process shall be treated at par with other homebuyers and hence the requirement of filing the claim form by the appellant was not mandatory.
The appellant’s flat was incorporated as a liability of the corporate debtor in the Information Memorandum.
However, in the Resolution Plan by the Successful Resolution Applicant (SRA) as approved by the National Company Law Tribunal (NCLT), a contingent date of March 7, 2023 was provided for the submission of claims. JIL denied the appellant possession of the flat, stating that since the claim form was not submitted by March 7, the appellant has no right over the flat.
Aggrieved, the appellant moved the National Company Law Appellate Tribunal (NCLAT) which dismissed the plea. He then moved the present appeal before the apex court.
Source: Barandbench
