NCLT Indore Dismisses Belated Homebuyer Claim Filed After Approval of Resolution Plan in JSM Devcons CIRP

April 7, 2026 : The National Company Law Tribunal (NCLT), Indore Bench, has dismissed an application filed by a homebuyer seeking recognition of his claim and possession of a flat in the corporate insolvency resolution process (CIRP) of JSM Devcons Private Limited, holding that claims raised after approval of the resolution plan cannot be entertained.

The application was filed by Dilip Yadav under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules, seeking inclusion of his claim as a homebuyer and delivery of possession of a residential unit in the project “Pinnacle D Dreams” at Indore. The applicant contended that he had paid the full consideration of ₹42.85 lakh but could not file his claim during the CIRP as he was residing outside Indore and was unaware of the proceedings.

The Tribunal noted that the CIRP against the corporate debtor was initiated on March 17, 2022, and public announcements inviting claims were duly issued, fixing April 14, 2022 as the last date for submission. The resolution plan submitted by Devvrat Developers Private Limited was approved on April 5, 2024, covering claims of 351 homebuyers, after which the CIRP stood concluded and attained finality.

Rejecting the plea of lack of awareness, the Bench observed that insolvency proceedings are conducted through statutory public announcements and stakeholders are expected to remain vigilant. It held that the applicant had failed to submit his claim within the prescribed timeline despite multiple opportunities and could not seek to reopen a concluded process.

The Tribunal emphasised that once a resolution plan is approved under Section 31 of the Code, it becomes binding on all stakeholders and all claims not forming part of the plan stand extinguished. It held that entertaining such belated claims nearly one and a half years after approval would defeat the finality of the resolution process and disrupt its implementation.

Distinguishing the judgments relied upon by the applicant, the Bench clarified that those decisions applied to situations where the resolution plan had not yet been approved by the Adjudicating Authority. In contrast, the present case involved a plan that had already attained finality, thereby barring any fresh or revived claims.

The Tribunal further reiterated that the Insolvency and Bankruptcy Code is a time-bound framework and permitting delayed claims after plan approval would undermine certainty and the commercial basis of the resolution plan. It observed that the successful resolution applicant takes over the corporate debtor on the basis of liabilities crystallised in the approved plan, and allowing additional claims later would fundamentally alter its structure.

Holding that the application was not maintainable and was barred by delay, the Tribunal dismissed the plea, noting that permitting such claims would prejudice stakeholders who had timely submitted their claims and would erode the sanctity of the insolvency process.

Case Title: Dilip Yadav v. Devvrat Developers Pvt. Ltd. & Anr.
Case No.: IA No. 22 of 2026 in CP(IB) No. 56 of 2021
Coram: Brajendra Mani Tripathi (Member Judicial) and Man Mohan Gupta (Member Technical)