The Supreme Court dismissed the civil appeal filed by SP Propbuild LLP challenging the NCLAT’s refusal to grant relief in the dispute involving Today Homes Noida Pvt. Ltd. The bench of Justice Aravind Kumar and Justice N.V. Anjaria found “no good ground” to entertain the challenge and let the appellate tribunal’s decision stand.
The case arose when Today Homes Noida Pvt. Ltd. was admitted into Corporate Insolvency Resolution Process (CIRP) on August 20, 2019. SP Propbuild claimed payment for 50 flats but possession of only nine. However, the Resolution Professional (RP) had refused to consider their claim because the Committee of Creditors (CoC) had already approved a Resolution Plan. Their appeal was also rejected by the Supreme Court later.
The Resolution Plan, submitted by One Group, the Successful Resolution Applicant (SRA), was later challenged by two parties: (1) SP Propbuild, seeking consideration of its 41 remaining units reflected in the developer’s records, and (2) Greater Noida Industrial Development Authority (NOIDA), the land-owning authorities, asserting secured-creditor status based on a statutory charge. They filed objection applications to the Resolution Plan filed by One Group.
Following the Supreme Court’s ruling dated February 2, 2024, in Greater Noida Industrial Development Authority v. Prabhjit Singh Soni & Ors., 2024 SCCOnline SC 122,, that NOIDA must be treated as secured creditors, the NCLT sent One Group’s plan back to the CoC for resubmission. This triggered SP Propbuild’s appeal before NCLAT and the Supreme Court.
SP Propbuild argued that, since the NCLT sent the plan back for resubmission, the earlier bar no longer exists and its claim must now be considered. The appellant relied on the fact that its payments was recorded in the Corporate Debtor’s own records. It also argued that once the plan is reopened, all homebuyers with reflected claims must be included. In response, the SRA submitted that SP Propbuild’s claim had already been rejected multiple times by the NCLT, NCLAT, and even the Supreme Court, and could not be revived again as it is barred by finality and res judicata. It contended that the NCLT’s order only required them to accommodate NOIDA/GNOIDA as secured creditors, not to reopen the entire CIRP or entertain new/late claims.
The NCLAT judgment dated May 8, 2024, had upheld the NCLT’s direction sending the Resolution Plan back to the Committee of Creditors (CoC), to bring the plan in line with the Supreme Court’s February 2024 ruling in NOIDA v. Prabhjit Singh Soni. In its detailed ruling, the NCLAT emphasised that the CoC-approved Resolution Plan of March 3, 2020, “is no longer in existence,” as the NCLT had remitted it back for resubmission.
It further held that the applications filed by S.P. Propbuild LLP, whose payments are reflected in the corporate debtor’s records, and by other homebuyers whose claims were rejected solely as time-barred, were still pending before the NCLT, and had to be decided before the Resolution Plan was resubmitted by the SRA (One Group).
Pursuant to this order, the NCLT on January 22, 2025, held that the Supreme Court’s ruling in Prabhjit Singh Soni benefitted only NOIDA and that the Resolution Plan had been remitted solely to ensure NOIDA’s treatment as a secured creditor in compliance with Section 30(2) of the IBC, 2016. This prompted S.P. Propbuild LLP to appeal before the NCLAT; however, the appellate tribunal, in its order dated October 10, 2025, dismissed the challenge and upheld the NCLT’s view that the remand was limited in scope. In parallel, the NCLAT admitted a separate batch of individual belated claims and directed the SRA to prepare an addendum exclusively for those claimants.
Aggrieved by this order, S.P. Propbuild approached the Supreme Court, but on November 25, 2025, the Court dismissed the appeal, finding no ground to interfere with the NCLAT’s reasoning.
Appearance:
Appellant- Mr. Mukul Rohatgi, Sr. Adv. Mr. Anirban Bhattacharya, AOR Mr. Rajeev Chowdhary, Adv. Mr. Keshav Sehgal, Adv. Mrs. Priyanka Bhatt, Adv.
Respondents- Mr. Rajiv Shakdher, Sr. Adv. Ms. Anuja Pethia, AOR Mr. Noor Shergill, Adv. Mr. Rishabh Nigam, Adv. Mr. Rishabh Govila, Adv. Ms. Kshirja Agarwal, Adv.