The NCLT ruled that claims under Section 60(5) of IBC cannot be admitted once a resolution plan is approved. This impacts homebuyers' rights to file fresh claims after allotment cancellation.
NCLT Dismisses Homebuyer Claim after Resolution Plan Approval
The National Company Law Tribunal (NCLT) has dismissed a plea seeking the admission of a ₹4.05 crore claim as financial debt following the cancellation of allotment to a homebuyer. The tribunal emphasized that once a resolution plan is approved, no fresh claims can be entertained under Section 60(5) of the Insolvency and Bankruptcy Code (IBC).
The NCLT articulated that adherence to the IBC process is essential to ensure legal certainty and uphold the integrity of resolution plans. By denying the admission of fresh claims, the tribunal reinforces the finality of approved resolution plans, suggesting that homebuyers may lose their status to claim debts upon such cancellations.
This ruling has significant implications for homebuyers. It underscores the importance of timely and accurate filing during insolvency proceedings, highlighting that once a resolution plan is ratified, options for recovery become severely limited. Legal practitioners must advise clients to act promptly within the framework of ongoing insolvency processes.
Citations
- Homebuyer Claim (2026) NCLT Order
