ORDER

PER: ATUL CHATURVEDI, MEMBER (TECHNICAL)

1. The present Application has been filed by the Applicants under Section 60(5)of the Insolvency and Bankruptcy Code, 2016 (“Code”) read with Rule 11 of the National Company Law Tribunal Rules, 2016 (“NCLT Rules, 2016”)seeking the following reliefs:

“a. Direct the Respondent/Resolution Professional, Mr. Narender Kumar Sharma, to formally admit and recognize the claim of the Applicants as Financial Creditors/Homebuyers under Section 5(8)(f) of the Insolvency and Bankruptcy Code, 2016, in respect of their adjudicated and crystallized claim of Rs. 41,80,000/-arising from the order dated 15.03.2022 of HRERA and Recovery Certificate No. RC/41.8L/2024 dated 28.08.2024, and update the list of Financial Creditors accordingly;

b. Direct the Respondent/Resolution Professional to forthwith place on record before this Hon’ble Tribunal and furnish to the Applicants a complete and true copy of the approved Resolution Plan, including all relevant schedules, annexures and provisions pertaining to the treatment, payment and distribution mechanism applicable to Financial Creditors/Homebuyers of the class to which the Applicants belong, as specifically represented by the RP’s counsel before this Hon’ble Tribunal on 29.01.2026;

c. Restrain the Respondent/Resolution Professional and/or the Successful Resolution Applicant from acting upon, giving effect to, or implementing any provision or clause of the Resolution Plan that seeks to extinguish, exclude, or provide treatment inferior to other similarly placed homebuyers in respect of the Applicants’ adjudicated claim, without prior orders of this Hon’ble Tribunal;

d. Direct the Respondent/Resolution Professional to place on record a revised and updated list of Financial Creditors reflecting the formal admission of the Applicants’ claim in accordance with the IBC and the CIRP Regulations, and to furnish the same to all stakeholders;

e. Pass such other and further orders as this Hon’ble Tribunal may deem fit and proper in the facts and circumstances of the case.”

SUBMISSIONS OF THE APPLICANT:

2. The Applicants are homebuyers and Financial Creditors of the Corporate Debtor in respect of Unit No. 54, Tower B-3, in the project “Spaze Privy AT-4”, Sector 84, Gurugram. Possession of the Unit was due in 2015; however, on account of delay, the Applicants approached HRERA, Gurugram, which vide Order dated 15.03.2022 awarded interest at 9.3% per annum on the amounts paid along with compensation for the increased super area. Subsequently, HRERA issued Recovery Certificate dated 28.08.2024 for an amount of Rs. 41,80,000/-, representing the adjudicated and crystallised liability of the Corporate Debtor.

3. Upon commencement of CIRP against the Corporate Debtor on 21.10.2024, the Applicants filed their claim in Form CA on 04.11.2024 along with the HRERA Order, Recovery Certificate and proof of payment. The IRP acknowledged the claim and included the Applicants in the List of Financial Creditors dated 22.12.2024, albeit marking the same as “under review”. However, after his appointment, the RP, vide email dated 06.09.2025, denied the Applicants’ status as Financial Creditors solely on the ground that a conveyance deed had been executed and directed them to file their claim in Form B as Operational Creditors. The Applicants contend that despite repeated correspondence, no formal communication regarding rejection of their claim, along with reasons, was issued as required under Regulation13(2) of the CIRP Regulations.

4. It is submitted that in May 2025, the RP made execution of the conveyance deed a precondition for handing over possession of the Unit. Consequently, the Applicants executed the conveyance deed on 29.05.2025 under protest and while expressly reserving their rights to pursue their claims under the IBC and RERA. Possession was thereafter handed over on 02.06.2025. According to the Applicants, execution of the conveyance deed me