Claims not filed during the Corporate Insolvency Resolution Process are extinguished post-approval of the resolution plan, reflecting the importance of timely submissions and the finality of creditor decisions.

O R D E R

1. The present Application, filed dated 12.05.2025, under Section 60 (5) of the Insolvency and Bankruptcy Code 2016 read with Rule 11 of the National Company Law Tribunal Rules 2016, by Indu Sureka and Anuj Sureka, Homebuyer (the Applicants') against Ms. Chaya Gupta (the 'Respondent No 1) Resolution Professional (RP) of M/s JSM Devcons Private Limited (the Corporate Debtor), Monitoring Committee (Respondent No. 2), M/s Devvrat Developers Private Limited (the 'Successful Resolution Applicant') and JSM Devcon Private Limited (Respondent No. 4) for seeking directions as given below.

a) Allow the present application;

b) To recall and set aside order dated 05.04.2024; and/or c) To maintain status quo or to stay sale of the unit till final adjudication of present case; and/or d) To direct for registry of the Unit in name of Applicant; and/or e) To stay implementation of resolution plan; and/or f) To invite fresh plans or initiate liquidation of Corporate Debtors; and/or g) Any other further or appropriate relief or direction as this Hon'ble Tribunal may consider appropriate in the facts and circumstances of the case.

2. The Applicant’s case in brief is:

a) This Adjudicating Authority, vide order dated 17.02.2022 passed in CP (IB) No. 56 of 2021, admitted M/s JSM Devcons 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) Thereafter, the Adjudicating Authority approved the Resolution Plan submitted by Respondent No. 3, Devvrat Developers Private Limited, by way of its order dated 05.04.2024 passed in IA No. 254 of 2023.

c) The applicant herein submits that the husband of Applicant No. 1 and father of Applicant No. 2, Shri Purushottam Surekha had purchased a residential unit from the Corporate Rs. Debtor for a total consideration of 35,39,250. Out of the Rs. said amount, a sum of 29,16,850, being 82.41% of the total purchase consideration was duly paid to the Corporate Debtor. The Applicant has annexed the allotment letter, payment receipts, and bank statements evidencing the payments made to the Corporate Debtor.

d) The Applicant submits that he was diligently following up with the Corporate Debtor for the execution and registration of the unit purchased by him. However, the Corporate Debtor kept delaying the Applicant’s request for the registry of the said unit without any justified reason.

e) The Applicant further submits that, in the meanwhile, it came to the knowledge of the Applicant that the Director/Promoters of the Corporate Debtor had absconded. Consequently, the High Court of Madhya Pradesh, in Writ Petition No. 15543 of 2014 filed as a Public Interest Litigation, appointed an investigation committee headed by Justice Deepak Verma. The Applicant thereafter participated in the proceedings before the said Hon’ble Court and duly submitted his claim form before the committee constituted pursuant to the directions of the Hon’ble High Court. (copy of claim form invited by investigation committee along with typed copy is annexed as Annexure - 8).

f) The Applicant submits that due to the untimely death of the husband of Applicant No. 1, who was in possession of all the relevant documents, the follow-up process regarding the unit could not be properly completed. The Applicant further submits that the situation was worsened due to the impact of the COVID-19 pandemic and certain internal family circumstances, because of which the Applicant has suffered despite paying her hard-earned money. It is submitted that the Applicants are presently living in a rented accommodation and do not have any as