NCLAT OKs order asking Today Homes resolution officer to re-look IREDA claim
This story was originally published at 20:02 IST on 21 August 2025
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NEW DELHI – The National Company Law Appellate Tribunal on Thursday upheld the Delhi bench of the National Company Law Tribunal's order, which directed the resolution professional of Today Homes and Infrastructure Pvt. Ltd. to reconsider the INR-3.61-billion claim made by the Indian Renewable Energy Development Agency Ltd.
The appellate tribunal said IREDA had filed the claim even though the guarantee was not invoked before the commencement of insolvency proceedings of Today Homes. The acceptance of consideration of such claim is, thus, clearly permissible as per the law laid down by the Supreme Court in 2024.
"We, thus, are of the view that the directions issued by adjudicating authority to reconsider the claim cannot be faulted in the facts of the present case and the law as noticed above and the RP (resolution professional) has to carry out reconsideration of the claim of respondent No.1(IREDA) and take a decision," said the appellate tribunal.
However, the appellate tribunal deleted the tribunal's adverse remark where in it said the resolution officer Hemant Sharma exceeded and abused the powers and duties of a resolution professional. It also dismissed the Delhi tribunal's directive to send the copy of the order, along with the adverse remarks, to the Insolvency and Bankruptcy Board of India for further action.
In 2019, the Delhi tribunal had admitted a petition to start insolvency proceedings against Today Homes. Thereafter, IREDA submitted its claim as a financial creditor for INR 3.61 billion. The claim was based on corporate guarantee extended by Today Homes in favour of IREDA in respect of credit facilities availed from the latter by three companies, namely Today Clean Energy Pvt. Ltd., Photon Suryakiran Pvt. Ltd., and Photon Sunbeam Pvt. Ltd.
The resolution professional, however, rejected IREDA's claim, saying it could not be accepted as financial debt. Sharma argued that the claim was inadmissible because IREDA had not invoked the corporate guarantee before the insolvency commencement date for Today Homes. He told IREDA to submit its claim under the appropriate category of the creditors in the prescribed form. On Thursday, the shares of IREDA ended 1.0% lower at INR 147.28 on the National Stock Exchange. End
Reported by Surya Tripathi
Edited by Subhojit Sarkar
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