Homebuyers can file claim even after resolution plan is passed

In a landmark judgement, National Company Law Tribunal (NCLT) has allowed submission of claims by home buyers even though the time period for submission has elapsed and resolution plan for an insolvent company has been approved by the committee of creditors (CoC). The court gave the order in a case related to Appu Ghar Retail, a project which was being developed by International Recreation & Amusement in Sector 29, Gurugram. However, Corporate Insolvency Resolution Process (CIRP) was initiated against the company in August 2018 and Pramod Kumar Sharma was appointed as the Resolution Professional (RP).