NCLAT Accepts Late Buyers’ Claims in Today Homes Insolvency
NOIDA: In a significant decision for homebuyers, the National Company Law Appellate Tribunal (NCLAT) has ruled that legitimate allottees, whose payments are recorded in a builder’s accounts, cannot be denied their entitlements solely due to late claim submissions during an ongoing insolvency process. The appellate tribunal, led by Justice Ashok Bhushan, issued the order on October 17, overturning a previous ruling from the National Company Law Tribunal (NCLT) principal bench, which had dismissed the claims of 20 homebuyers as “time-barred” concerning the insolvency proceedings of Today Homes Noida, the developer behind the Ridge Residency project in Sector 135. Justice Bhushan’s…