Approved resolution plans under IBC attain finality; belated claims extinguished despite proven financial creditor status.

O R D E R

1. The present Application, filed dated 07.11.2024, under Section 60(5) of the Insolvency and Bankruptcy Code 2016 read with Rule 11 of the National Company Law Tribunal Rules 2016, by Mr. Neeraj Gupta (the ‘Applicant’), against M/s JSM Devcons Private Limited (the ‘Corporate Debtor’/‘Respondent No 1’) and against M/s Devvrat Developers Private Limited (the ‘Successful Resolution Applicant’/‘Respondent No 2’), for seeking directions as given below:

a) To allow the present Application,

b) To pass an order directing for admission of the claim of the Applicant and inclusion under the category of financial creditor in class (real estate  allottees) for being treated at par with other real estate allottees whose claim have been admitted during the course of CIRP of the CD,

c) To direct the Respondents to not dispose, alienate or part with the Flat No. 802 having built-up area 1290 Sq. Ft. in tower 2 in the project 'Pinnacle D Dreams', of the Applicant until pendency of this Application, and,

d) Pass any further order(s) as this Tribunal deems fit and proper.

2. The brief facts of the matter are:

a) This Adjudicating Authority, vide order dated 17.02.2022 passed in CP (IB) No. 56 of 2021, admitted M/s JSM Devcon Private Limited (“the Corporate Debtor”) into the CIRP and appointed Mr. Sanjay Singh as the Interim Resolution Professional (IRP). Further, vide Order dated 03.11.2022 passed by this Adjudicating Authority, Mr. Sanjay Singh was replaced, and Ms. Chaya Gupta was appointed as the Resolution Professional (RP).

b) The Resolution Plan filed in IA No 254 of 2023 has also been approved vide Order dated 05.04.2024 and the approved Resolution plan comprises of 351 home buyers.

(A copy of the Plan Approval Order dated 05.04.2024 is annexed under ANNEXURE A/1 of the Application.)

3. The Applicant’s case in brief is:

a) The Applicant submits that he filed Form CA (Submission of Claim by Financial Creditors in a Class) of Rs. 44,78,195/- (principal Rs. 28,61,500/- and Interest Rs. 16,16,675/-) by providing Proof of Claim before the RP dated 11.03.2024 (A copy of FORM CA dated 11.03.2024 annexed as ANNEXURE-A2.)

b) The Applicant submits that, he is entitled to the Flat No. 802 built-up area 1290 sq. Ft. in Tower 2 of the Project "Pinnacle 'D' Dreams", by reason of being a legal purchaser holding valid allotment which has been allotted by the Respondent No. 1/CD.

c) The Applicant submits that he has paid Rs. 28,61,500/- to the CD, with only a minimal remained to be paid at the time of execution of the sale deed in the favor of the Applicant. Further, in the above parlance, have purchased the property and have also been provided with the allotment of their property, but the part performance (“registration of sale deeds") on part of the Respondents still remains to be done.

d) The Applicant submits that he has also filed a complaint before RERA asserting its claim over the property. Wherein the RERA Authority also recognized that the interest of the Allottees were in danger, and called all the allottees to file their claims with the Authority, and the Applicant had diligently filed its claim on 14.04.2018. Further submits that pursuant to Hon'ble M.P. High Court order dated 12.07.2018 in WP(PIL) No. 15443/2018, the Applicant filed claim before Retd. Justice Deepak Verma Committee on 10.09.2018 (A copy of claim filed by the Applicant on 14.04.2018 before the RERA Authority and copy of the