Amit Nehra & Anr. Vs Pawan Kumar Garg & Ors. (Supreme Court of India)
Supreme Court held that since the claim was filed, verified and informed to the Successful Resolution Applicant, the claim squarely falls within Clause 18.4(ii) read with Clause 18.4(vi)(a) of the Resolution Plan. Accordingly, possession of residential apartment is directed. Accordingly, appeal allowed.
Facts- This Civil Appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016 is filed against the judgment and final order dated 10.01.2025 passed by the National Company Law Appellate Tribunal, New Delhi in Company Appeal (AT) (Insolvency) No. 1365 of 2023, whereby the NCLAT affirmed the decision of the National Company Law Tribunal, Principal Bench, New Delhi rejecting the Appellants claim for possession of their residential apartment in the real estate project of M/s Puma Realtors Private Limited (Corporate Debtor).
The central question which falls for our determination is whether the Appellants, being allottees of an apartment in the project IREO Rise (Gardenia), Mohali developed by the erstwhile Corporate Debtor M/s Puma Realtors Pvt. Ltd. and having admittedly paid a sum of Rs. 57,56,684/- out of the total consideration of Rs. 60,06,368/-, are to be treated as belated claimants entitled only to refund of 50% of their principal deposit under Clause 18.4(xi), or whether, their claim having been duly verified and incorporated in the list of creditors, they are entitled to possession in terms of Clause 18.4(vi)(a) of the Resolution Plan.
