In Brief
Homebuyers who booked and substantially paid for a residential apartment in a developer's project sought possession when the developer entered insolvency. Their claim was duly verified and admitted by the Resolution Professional and reflected in the published list of creditors. The lower courts rejected their claim for possession, treating them as belated claimants entitled only to a 50% refund. The Supreme Court allowed the appeal, holding that verified and admitted claims acquire full legal recognition in insolvency proceedings. The Court directed the developer's successor to execute the conveyance deed and hand over possession, emphasizing that homebuyers who pay substantial amounts deserve protection from unfair treatment in insolvency resolution.
The lawyer headnote and full judgment text are available to registered users.