# In the matter of Rahul Jain vs. Nilesh Sharma

> NCLAT judgment dated 2025-05-14. Citation: TCN-2025-NCLAT-00040. The appeal was filed against an order dated 11.08.2023, which rejected an application (I.A.…

- **Court:** NCLAT
- **Order date:** 14 May 2025
- **Citation:** TCN-2025-NCLAT-00040
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rahul-jain-vs-nilesh-sharma-0e904699

## Summary

### Background

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/-.

## Facts

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

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## Issues and analysis

### Issue 1: Whether the appellant's claim as a financial creditor can be considered despite the delay in filing …

**Ratio:** The ratio is that claims filed after the approval of the resolution plan by the CoC are

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**Reasoning:** The court reasoned that while there is a general principle against considering belated

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**Interpretation:** This interprets the law to mean that while timely filing of claims is crucial,

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**Application:** Applied to the facts, the court found that since the appellant's details were

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## Parties

- **Judges:** Rakesh Kuma…; Naresh Sa…; +1 more
- **Appellants:** Rahul…
- **Respondents:** Dream Procon Pvt.…; Nilesh S…

## Timeline

- **2019-09-06 — Application A…**: Application under Section 7 filed by Priyanshi Arora against the Corporate Debtor was…
- **2021-05-07 — Resolution Plan…**: The CoC approved the resolution plan…

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