{"id":268888,"date":"2022-06-23T09:36:04","date_gmt":"2022-06-23T04:06:04","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=268888"},"modified":"2022-06-29T15:38:06","modified_gmt":"2022-06-29T10:08:06","slug":"homebuyers-resolution-professional-delayed-claims-information-memorandom-corporate-insovency-ibc-nclat-legal-research-updates-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/23\/homebuyers-resolution-professional-delayed-claims-information-memorandom-corporate-insovency-ibc-nclat-legal-research-updates-news\/","title":{"rendered":"Should Resolution Professional include delayed claims of homebuyers under \u00a0memorandum of information? NCLAT decides"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>National Company Appellate Tribunal, New Delhi: <\/strong>The Coram of \u00a0Ashok Bhushan, J (Chairperson), Shreesha Merla (Technical member), and Naresh Salecha (Technical member) has held that regardless of the delay made in filing the claims by homebuyers, a resolution professional should include the corporate debtor\u2019s liabilities as mentioned in the Memorandum of Information(MoI).<\/p>\n<h4 style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Facts of the case and issue raised <\/strong><\/span><\/h4>\n<p style=\"text-align: justify;\">An appeal was filed against the Order passed by the Adjudicating Authority (NCLT, New Delhi).<\/p>\n<p style=\"text-align: justify;\">The observation of the Adjudicating Authority was that the claims of the homebuyers have been filed after a gap of eight months from the last date of the submission of the claim and therefore the claims cannot be admitted. Further, it was stated that the Committee of Creditors (CoC) had already approved the resolution plan.<\/p>\n<p style=\"text-align: justify;\">The following issues were raised-<\/p>\n<ul style=\"text-align: justify;\">\n<li>Whether the Resolution Professional was obliged to include the details of Homebuyers as reflected in the records of the Corporate Debtor in the Information Memorandum, even<br \/>\nthough they have not filed their claim before the Resolution Professional within time?<\/li>\n<li>Whether Resolution Applicant ought to have also dealt with Resolution Plan regarding Homebuyers, whose names and claims are reflected in the record of the Corporate Debtor, although they have not filed any claim?<\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Submissions of the counsel<\/strong><\/span><\/h4>\n<p style=\"text-align: justify;\">Appellant\u2019s Counsel submitted that even though they could not file their claims within the time prescribed, details of their allotment and payments made by them already existed in the records of the Corporate Debtor. It was further submitted that it was the duty of the Resolution Professional to inform the Appellants to file their claims and in case the financial creditors were not able to do so the Resolution Professional could have included their claims in the Information Memorandum prepared under Regulation 36 of Corporate Insolvency Resolution Process (CIRP) Regulations as liabilities to Corporate Debtor.<\/p>\n<p style=\"text-align: justify;\">Respondent\u2019s Counsel submitted that Appellants did not file their claims within the time and filing of their claims was also beyond 90 days as provided by Section 12 of the Insolvency and Bankruptcy Code, 2016 (IBC) therefore no error was committed by Resolution Professional by not including the names of the Appellants in the \u2018list of creditors\u2019.<\/p>\n<p style=\"text-align: justify;\"><strong>Analysis and decision <\/strong><\/p>\n<p style=\"text-align: justify;\">Firstly, the Coram stated that when the allotment letters are issued to the Homebuyers against the payment made, the real estate company is under the obligation to provide possession of the houses along with other attached liabilities.<\/p>\n<p style=\"text-align: justify;\">Further, the Coram opinioned that the liability towards Homebuyers who had not filed their claim exists and are required to be included in the Information Memorandum. <em>Non- consideration of such claims in the information memorandum can lead to inequitable and unfair resolutions. <\/em><\/p>\n<p style=\"text-align: justify;\">Therefore, the Coram directed the resolution professional to submit the details of homebuyers, which are mentioned in the records of the corporate debtor including their claims, to the resolution applicant, based on which the resolution applicant shall prepare an addendum to the resolution plan, which may be placed before the CoC for consideration.<\/p>\n<p style=\"text-align: justify;\">[Puneet Kaur v. K.V. Developers (P) Ltd., <a href=\"http:\/\/www.scconline.com\/DocumentLink\/0GP8LPBB\">2022 SCC OnLine NCLAT 245<\/a>, dated- 01-06-2022]<\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><strong>Advocates before the tribunal <\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>For Appellant(s): <\/strong>Mr. Mahesh Kumar and Ms. Simran Soni, Advocates.<br \/>\n<strong>For Respondent<\/strong>: Mr. Abhinav Vasisht, Sr. Advocate with Mr. Rakesh Kumar Bajaj and Mr.Harish Taneja, Advocates, Mr. Nitin Kumar and Mr. Gagan Gulati, Advocate.<br \/>\nMr. Sumesh Dhawan and Ms. Vatsala Kak, Advocates.<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>National Company Appellate Tribunal, New Delhi: The Coram of \u00a0Ashok Bhushan, J (Chairperson), Shreesha Merla (Technical member), and Naresh Salecha (Technical member) <\/p>\n","protected":false},"author":67011,"featured_media":262229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[43781,32458,34595,22814,25934,49735,42845,49818,22064,33452,22014,49819],"class_list":["post-268888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-cirp","tag-committee-of-creditors","tag-company-law","tag-corporate-insolvency-resolution-process","tag-financial-creditor","tag-financial-debtor","tag-homebuyer","tag-information-memorandum","tag-insolvency-and-bankruptcy-code","tag-liabilities","tag-nclat","tag-resolution-professionals"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Should Resolution Professional include delayed claims of homebuyers under \u00a0memorandum of information? 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Mukhopadhaya (Chairperson) and Justice A.I.S Cheema (Judicial Member) and Kanthi Narahari (Technical Member), while pronouncing an order in regard to the \"Jet Airways\" setback addressed the following question: \"Whether separate proceeding(s) in 'Corporate Insolvency\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, 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Ltd.","author":"Editor","date":"May 6, 2024","format":false,"excerpt":"\u201cThe issue of notice will not come in the way of execution or implementation of the resolution plan and the allotment of the unit to the appellant, if made, will be subject to the outcome of the present appeal.\u201d","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Belated claims of Homebuyers in Jaypee Infratech","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Belated-claims-of-Homebuyers-in-Jaypee-Infratech.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Belated-claims-of-Homebuyers-in-Jaypee-Infratech.jpg?resize=350%2C200&ssl=1 1x, 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