Statutory Timeline - The Legal Chamber

The Supreme Court held that a homebuyer's claim, once verified and admitted by the Resolution Professional and reflected in the list of creditors, must be honoured as per the plan's provisions for verified claims. It cannot be relegated to a residuary clause meant for belated or unverified claims, as this would misapply the approved resolution plan. Facts Of The Case: The appellants, residents of Bengaluru, booked an apartment in 2010 in the 'IREO Rise (Gardenia)' project developed by M/s Puma Realtors Private Limited. They executed an Apartment Buyer’s Agreement in 2011 and paid Rs. 57,56,684 out of the total consideration of Rs. 60,06,368. The Corporate Debtor failed to deliver possession by the agreed date of November 2013. The appellants initially filed a consumer complaint, which wa...

The Supreme Court held that an appeal against an NCLT order under the IBC must be filed within 30 days from the date of its pronouncement. It reiterated that mandatory filing of a certified copy of the impugned order is integral to a valid appeal, and non-compliance renders the appeal barred by limitation. Facts Of The Case: The case originated from an order dated June 23, 2023, passed by the National Company Law Tribunal (NCLT), Mumbai Bench, which approved a resolution plan submitted by Ashdan Properties Pvt. Ltd. in the corporate insolvency resolution process of the corporate debtor. The respondent, DSK Global Education and Research Pvt. Ltd., being aggrieved by this order, filed an appeal before the National Company Law Appellate Tribunal (NCLAT) challenging the NCLT's decision. The ...

Tag: Statutory Timeline

Supreme Court Ruling: No Certified Copy, No Appeal – NCLAT’s Order Set Aside on Technical Ground