JUDGMENT :

SATISH CHANDRA SHARMA, J.

STATEMENT OF FACTS

1. This Civil Appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016 (the “IBC”) is filed against the judgment and final order dated 10.01.2025 passed by the National Company Law Appellate Tribunal, New Delhi (the “NCLAT”) in Company Appeal (AT) (Insolvency) No. 1365 of 2023, whereby the NCLAT affirmed the decision of the National Company Law Tribunal, Principal Bench, New Delhi (the “NCLT”) rejecting the Appellants claim for possession of their residential apartment in the real estate project of M/s Puma Realtors Private Limited (the “Corporate Debtor”).

2. The erstwhile Corporate Debtor, M/s Puma Realtors Private Limited, an IREO Group company, undertook development of integrated residential townships in Punjab, including the project IREO Rise (Gardenia) situated in Sector 99, SAS Nagar, Mohali. The project, conceived as a modern residential complex, envisaged delivery of multiple residential blocks with allied amenities and facilities.

3. The Appellants both residents of Bengaluru, booked an apartment in the said project in the year 2010. On 27.05.2011, they executed an Apartment Buyer’s Agreement with the Corporate Debtor for purchase of Apartment No. GBD-00-001 in Block D. Against the total sale consideration of Rs. 60,06,368/-, the Appellants paid Rs. 57,56,684/-, constituting almost the entirety of the contractual amount, the balance being agreed to be adjusted on account of delay in delivery of possession.

4. As per the buyer’s agreement, possession was to be handed over on or before 27.11.2013. The Corporate Debtor, however, failed to deliver possession within the agreed period, or thereafter. Left with no option, the Appellants instituted Consumer Complaint No. 279 of 2018 before the State Consumer Disputes Redressal Commission, Chandigarh, inter alia seeking refund of the amount paid along with interest and compensation.

5. While the aforesaid proceedings were pending, on 17.10.2018, the NCLT admitted an application under Section 7 of the IBC bearing CP(IB) No. 934 (PB) of 2018 against the Corporate Debtor, thereby, commencing the Corporate Insolvency Resolution Process (the “CIRP”) in respect of M/s Puma Realtors Private Limited. Considering the foregoing, the State Consumer Disputes Redressal Commission, Chandigarh, vide order dated 13.12.2018, disposed of the complaint with liberty reserved to the Appellants to pursue their claim before the competent authority in the CIRP proceedings.

6. Pursuant thereto, the Interim Resolution Professional issued a public announcement on 22.10.2018 calling upon all creditors, including homebuyers, to submit their claims in the prescribed form. The Appellants, being allottee of both a plot in the “IREO Hamlet” project and the present apartment in “IREO Rise (Gardenia),” initially submitted their claim qua the plot on 29.10.2018. In so far as the apartment is concerned, the Appellants authorised representative, Col. K.K. Verma (father of Appellant No. 2), physically submitted Form-CA together with supporting documents on 11.01.2019 at the project office of the Corporate Debtor at Mohali. The Respondent(s), however, dispute this filing, asserting that no such physical claim was received at the notified address of the Resolution Professional.

7. Be that as it may, on 31.01.2020, the Resolution Profess