Amit Nehra VS Pawan Kumar Garg
Insolvency and Bankruptcy Code (31 of 2016) , S.7— Corporate insolvency resolution process – Claim of homebuyers in corporate debtor’s project – Claim for possession of residential apartments for which almost full consideration had been paid, was verified and admitted by Resolution Professional and reflected in list of financial creditors well before approval of plan by Adjudicating Authority – Clauses in resolution plan which stipulated that, claim filed and admitted by Resolution Professional, and allotment letter issued, shall be honoured in full and provided for handover of units , were applicable – Relegating bona fide allottees, who had paid substantial consideration years in advance, to the status of mere refund claimants would be contrary to the very object of the legislative framework – Rejection of claim by applying clause meant for allottees who had defaulted in filing claims, was erroneous
