# Jai Kishore Prasad & Mukta Prasad vs. M/s Apex Heights Pvt. Ltd.

> NCLAT judgment dated 21 Apr 2026. Citation: TCN-2026-NCLAT-00126. The Appellants, flat-buyers in the Corporate Debtor's project, initially purchased a flat in…

- **Court:** NCLAT
- **Order date:** 21 Apr 2026
- **Citation:** TCN-2026-NCLAT-00126
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/jai-kishore-prasad-mukta-prasad-vs-ms-apex-heights-pvt-ltd-0b377d5f

## Summary

### Background

The Appellants, flat-buyers in the Corporate Debtor's project, initially purchased a flat in Mascot Soho Homes Pvt Ltd. Due to disputes, they were allotted a flat in the Maple Realcon Private project, a sister concern of M/s Mascot Soho Homes Pvt Ltd. M/s. Bindal Merchandise initiated CIRP against the Corporate Debtor under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Appellants submitted their claim in Form C, which was admitted by the Resolution Professional. The Successful Resolution Applicant's plan was approved on 20.02.2020, with the SRA stating it would complete the project within 36 months.

## Facts

The Appellants are flat-buyers in the Corporate Debtor's project.

Initially, they had purchased a flat in Mascot Soho Homes Pvt Ltd.

Due to some disputes, they were allotted a flat in the Maple Realcon Private project, a sister concern of M/s Mascot Soho Homes Pvt Ltd.

M/s. Bindal Merchandise initiated CIRP against the Corporate Debtor under Section 9 of the Insolvency and Bankruptcy Code, 2016.

The Appellants submitted their claim in Form C, which was admitted by the Resolution Professional.

The Successful Resolution Applicant's plan was approved on 20.02.2020, with the SRA stating it would complete the project within 36 months.

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in directing the Appellants to approach the Respondent-SRA …

**Ratio:** The power to admit a claim and the power to re-determine any amount of claim vests solely

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**Reasoning:** The Tribunal observed that the SRA's rights to further scrutiny had lapsed as per the

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**Interpretation:** Regulation 13 vests the power of ‘verification of claims' only with the

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**Application:** The AA again ordered for further scrutiny of the claims even after it was

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## Parties

- **Judges:** N. Sesha…; Arun Ba…
- **Appellants:** Jai Kishore…; Mukta P…; +2 more
- **Respondents:** Maple Realcon…; M/s Apex Heights…
- **Other parties:** Insolvency and…; Corporate…; +3 more
- **Advocates:** M.V. Mu…; Saswat Ad…; +5 more

## Timeline

- **2018-07-18 — CIRP Init…**: Corporate Debtor was plunged into…
- **2020-02-20 — Resolution Plan…**: Successful Resolution Applicant's…

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