The Appellants, bona fide homebuyers, booked an apartment in 2010 with M/s Puma Realtors Private Limited (Corporate Debtor) and paid nearly the entire consideration. The Corporate Debtor failed to deliver possession by 2013. During the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor, the Appellants submitted their claim, which was eventually verified and admitted by the Resolution Professional and included in the list of financial creditors. However, the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT), applying Clause 18.4(xi) of the approved Resolution Plan, treated their claim as belated and entitled them only to a 50% refund, denying possession.

The Appellants, bona fide homebuyers, booked an apartment in 2010 with M/s Puma Realtors Private Limited (Corporate Debtor) and paid nearly the entire consideration. The Corporate Debtor failed to deliver possession by 2013. During the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor, the Appellants submitted their claim, which was eventually verified and admitted by the Resolution Professional and included in the list of financial creditors. However, the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT), applying Clause 18.4(xi) of the approved Resolution Plan, treated their claim as belated and entitled them only to a 50% refund, denying possession.