# In the matter of Rahul Jain vs. Nilesh Sharma

> NCLAT judgment dated 2025-05-14. Citation: TCN-2025-NCLAT-00042. 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-00042
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rahul-jain-vs-nilesh-sharma-7e25fb4a

## Summary

### Background

The appeal was filed against an order dated 11.08.2023, which rejected an application (I.A. No. 4954/2022) filed by the appellant, Rahul Jain, seeking to admit his claim as a Financial Creditor and to have his case considered on par with other unit buyers/claimants. The rejection was primarily based on the grounds that the application was filed belatedly. Rahul Jain, a home buyer, purchased a flat in the "Victory Ace" project developed by Dream Procon Pvt. Ltd. He paid Rs. 43,53,983/- out of Rs. 60,00,300/-.

## Facts

Rahul Jain, a home buyer, 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 Tribunal dismissed his application, noting the plan's approval on 07.05.2021 with 90.66% votes and the claim's belatedness. The appellant's asset was reflected in the

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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 reflected in the records of the Corporate Debtor (CD) should be

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**Reasoning:** The court reasoned that non-consideration of claims reflected in the record leads to

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**Interpretation:** This interprets that even if a claim is filed late, if the liability is

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**Application:** The court applied this by directing the RP to submit the appellant's details to

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## Parties

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

## Timeline

- **2019-09-06 — Section 7 Application…**: Priyanshi Arora filed an application under Section 7 against the Corporate Debtor, which…
- **2021-05-07 — Resolution Plan…**: The Victory Ace Social Welfare Society's…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19 — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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