India's National Company Law Appellate Tribunal confines insolvency to defaulted projects
Resolution professionals must accept claims only for the named defaulted project
Change
India's National Company Law Appellate Tribunal confined corporate insolvency resolution processes to the single defaulted project and ordered the interim resolution professional to republish Form‑A limiting claims to that project with a 14‑day filing window under the CIRP Regulations, 2016.
Why it matters
Creditors and homebuyers can no longer aggregate claims across a developer’s unrelated projects; recoveries must be tied to the assets and cash flows of the specific project under CIRP. Resolution plans and claim pools must be structured on a project-by-project basis, blocking cross‑project collateralisation or distribution of proceeds.
Implications
- — Interim and resolution professionals managing the CIRP for the named project — must republish or corrigendum Form‑A immediately and enforce the 14‑day claim filing window — claims submitted outside that republished window risk exclusion from the project's claim pool.
- — Homebuyer associations and creditors who filed Section 7 applications against the developer — must submit or refile project-specific claim documentation within the republished 14‑day window — failure to do so will result in their claims being barred from participation in that project's CIRP.
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