The appeal was filed against an order dated 11.08.2023, which rejected an application (I.A. No. 4954/2022) by the appellant, Rahul Jain, to admit his claim as a Financial Creditor. The appellant, a home buyer, sought consideration of his case at par with other unit buyers/claimants during the implementation of the Resolution Plan. The rejection was primarily based on the belated filing of the application. Rahul Jain purchased a flat in the "Victory Ace" project developed by Dream Procon Pvt. Ltd. and had paid Rs. 43,53,983/- out of Rs. 60,00,300/-.
Rahul Jain, the appellant, is a home buyer who purchased a flat (B-1901) in the "Victory Ace" project developed by Dream Procon Pvt. Ltd. He paid Rs. 43,53,983/- out of the total cost of Rs. 60,00,300/-. Priyanshi Arora, another home buyer, filed an application under Section 7 against the Corporate Debtor, which was admitted on 06.09.2019. The Victory Ace Social Welfare Society submitted a resolution plan approved by the CoC on 07.05.2021. Rahul Jain submitted his claim on 19.09.2022, 980 days after the last date for submission and 492 days after the plan's approval. His claim was rejected on the same day. The appellant's asset is reflected in the Information Memorandum (IM). The selling price of the unit is Rs. 60,00,300/-, with Rs. 49,26,674/- received by
…Sign in to view the parties.
Application under Section 7 filed by Priyanshi…
The CoC approved the…
Sign in to view related legal provisions.
The appeal was filed against an order dated 11.08.2023, which rejected an application (I.A. No. 4954/2022) by the appellant, Rahul Jain, to admit his claim as a Financial Creditor. The appellant, a home buyer, sought consideration of his case at par with other unit buyers/claimants during the implementation of the Resolution Plan. The rejection was primarily based on the belated filing of the application. Rahul Jain purchased a flat in the "Victory Ace" project developed by Dream Procon Pvt. Ltd. and had paid Rs. 43,53,983/- out of Rs. 60,00,300/-.
Rahul Jain, the appellant, is a home buyer who purchased a flat (B-1901) in the "Victory Ace" project developed by Dream Procon Pvt. Ltd. He paid Rs. 43,53,983/- out of the total cost of Rs. 60,00,300/-. Priyanshi Arora, another home buyer, filed an application under Section 7 against the Corporate Debtor, which was admitted on 06.09.2019. The Victory Ace Social Welfare Society submitted a resolution plan approved by the CoC on 07.05.2021. Rahul Jain submitted his claim on 19.09.2022, 980 days after the last date for submission and 492 days after the plan's approval. His claim was rejected on the same day. The appellant's asset is reflected in the Information Memorandum (IM). The selling price of the unit is Rs. 60,00,300/-, with Rs. 49,26,674/- received by
…Application under Section 7 filed by Priyanshi…
The CoC approved the…
Sign in to view related legal provisions.