Belated Claims Of Homebuyers Can't Be Rejected If Their Units Are Reflected In Corporate Debtor's Records: NCLAT

The NCLAT (National Company Law Appellate Tribunal) has ruled that belated claims of homebuyers cannot be rejected if their units are reflected in the corporate debtor's records. This significant pro-homebuyer decision under the IBC (Insolvency and Bankruptcy Code) prioritizes substantive justice over strict procedural deadlines. If a corporate debtor's own books acknowledge the units allotted to homebuyers, their claims, even if filed late, should be admitted, ensuring that genuine creditors are not disenfranchised due to technicalities.