Missed the Claim Date in Your Builder's Insolvency? What IBBI's Rules Say for Bengaluru Buyers
An IBBI release of 26 February 2026 requires the information memorandum in a builder's insolvency to list allottees who have not filed claims, and the resolution plan to provide for them. This guide also explains late-claim rules under CIRP regulations 12 and 13 and the homebuyers' authorised representative.
When a builder enters insolvency, the first deadline arrives fast and quietly. A public announcement in the newspapers sets a last date for creditors to submit claims, and homebuyers can be among the claimants. Families who are abroad, who miss the notice, or who assume the builder has their details anyway can find that date has passed before they hear of it.
Two parts of the insolvency framework speak to that situation. One is the set of rules on late claims in the Insolvency and Bankruptcy Board of India's regulations for the corporate insolvency resolution process. The other is a February 2026 change that requires the information memorandum, the document resolution applicants rely on, to list allottees who appear in the builder's books or the real estate regulator's records but have not filed claims. This guide explains both, for a Bengaluru buyer in that position.
The short answer. An IBBI press release dated 26 February 2026 says the information memorandum shall include details of all allottees, including names, amounts due and units allotted, whose claims are reflected in the corporate debtor's books or in the records of the Real Estate Regulatory Authority but who have not submitted claims, and that the resolution plan shall then provide for their treatment. Separately, regulation 12(1) of the CIRP Regulations, as quoted in the IBBI FAQ on CIRP and liquidation, lets a creditor who misses the announced date submit a claim up to the issue of the request for resolution plans or ninety days from the insolvency commencement date, whichever is later, with reasons for delay beyond ninety days. The trade-off: these rules soften the cost of missing a date, but a buyer who files on time keeps the most control over how the claim is recorded.
What did IBBI change in February 2026?
It widened what the information memorandum must disclose about homebuyers. The press release, numbered IBBI/PR/2026/2, says it has been mandated that the information memorandum shall include details of all allottees, including their names, amounts due, and units allotted, whose claims are reflected in the books of accounts of the corporate debtor or in the records of the Real Estate Regulatory Authority, but who have not submitted claims to the resolution professional.
It adds that where such details are included in the information memorandum, the resolution plan shall also provide for treatment of such allottees. The release says the amendment seeks to ensure fair and equitable treatment of all homebuyers, enhance transparency, and avoid uncertainty or disputes during plan implementation.
The same release lists other new disclosures that matter in a real estate insolvency: details of joint development agreements and other collaboration or co-development arrangements, including the rights, obligations and interests of the corporate debtor under them, and details of assets under attachment by enforcement agencies, including the authority that attached them and the status of related proceedings. It says the amended regulations are available on the Board's website.
What does this mean for a buyer who did not file?
Your existence as an allottee should not depend only on your own filing. If your booking appears in the builder's accounts or in the regulator's records, the February 2026 change requires the information memorandum to list you, with the amount due and the unit allotted, and the resolution plan to say how allottees like you will be treated.
That is not the same as having your claim filed and verified. The release speaks of disclosure in the information memorandum and treatment in the plan. It does not say that an unfiled allottee is treated identically to one whose claim was admitted. A buyer who has not filed should therefore still try to file, using the late-claim route described below, rather than rely on the disclosure alone.
Our earlier report on the homebuyer claim deadline in a builder insolvency covers the first deadline and how to file within it.
| Situation | What the regulations or release say | Source |
|---|---|---|
| Claim filed by the announced date | Submit claim with proof on or before the last date in the public announcement | Regulation 12(1) |
| Missed the announced date | May submit up to the request for resolution plans or 90 days from commencement, whichever is later, with reasons beyond 90 days | Regulation 12(1) provisos |
| Filed later still | Claims received up to seven days before the voting meeting or liquidation are verified and categorised | Regulation 13(1B) |
| Never filed, but in books or RERA records | Must be listed in the information memorandum, and the plan must provide for treatment | IBBI/PR/2026/2 |
| Homebuyer class representation | Selected insolvency professional acts as interim representative while the appointment is pending | Regulation 16A(2), per IBBI FAQ |
Can you still file a claim after the deadline?
Yes, within limits. The IBBI FAQ quotes regulation 12(1) of the CIRP Regulations: a creditor shall submit claim with proof on or before the last date mentioned in the public announcement. Its first proviso says a creditor who fails to submit claim with proof within the time stipulated in the public announcement may submit the claim with proof to the interim resolution professional or the resolution professional up to the date of issue of request for resolution plans under regulation 36B, or ninety days from the insolvency commencement date, whichever is later. The second proviso says the creditor shall provide reasons for delay in submitting the claim beyond the period of ninety days from the insolvency commencement.
The FAQ also quotes regulation 13. Under regulation 13(1), the professional shall verify every claim as on the insolvency commencement date within seven days from the last date of receipt of claims and maintain a list of creditors. Regulation 13(1A) says that where a claim is not collated after verification, the professional shall provide reasons. Regulation 13(1B) says that claims received after the period in regulation 12(1), and up to seven days before the date of the meeting of creditors for voting on the resolution plan or the initiation of liquidation, shall be verified and categorised as acceptable or non-acceptable for collation.
In its answer on late claims, the FAQ adds that the resolution professional is duty bound to follow the Code and all judicial pronouncements in the assignment. The practical message is that the later you file, the narrower the path, so a buyer who discovers an insolvency should act at once.
Who speaks for homebuyers as a group?
An authorised representative for the class. The IBBI FAQ says regulation 16A(2) has been amended so that once the application for appointing an authorised representative is filed and is pending, the insolvency professional selected to be the representative steps in as an interim representative for the homebuyer class. It says that during this interim period, the person has the same rights and duties as an authorised representative, including attending committee of creditors meetings, collecting instructions from homebuyers, and casting votes for the class.
For an individual buyer, this means two things. Your instructions on how the class should vote go through that representative, and being on the list of creditors is what lets you give them. A buyer who has not filed and is only disclosed in the information memorandum should ask the resolution professional how such allottees will be informed and consulted. Our report on withdrawal of an insolvency under Section 12A explains another decision in which the creditors' vote matters.
What should a Bengaluru buyer do on learning of an insolvency?
Move quickly and build a paper record.
- Find the public announcement and note the last date for claims and the insolvency commencement date.
- If the date has passed, file anyway, citing regulation 12(1), and state the reasons for the delay if it is beyond ninety days of commencement.
- Attach your agreement for sale, allotment letter, payment receipts and bank statements as proof of claim.
- Ask the resolution professional in writing to confirm whether your claim is collated and, if not, the reasons under regulation 13(1A).
- Check whether you appear among allottees disclosed in the information memorandum under the February 2026 change.
- Find out who the authorised representative for homebuyers is and register to give voting instructions.
- Keep the real estate regulator's project records for your unit, since the release refers to allottees reflected in those records.
Does RERA still matter once insolvency starts?
As a record, yes. The February 2026 release expressly refers to allottees whose claims are reflected in the records of the Real Estate Regulatory Authority. Under the Real Estate (Regulation and Development) Act, 2016, Section 11(1)(b) requires the promoter's web page on the Authority's website to show, quarterly, the list of number and types of apartments or plots booked. Keeping your own copy of your registered agreement for sale and the project's regulator page helps show your booking, whatever forum later decides the claim.
This guide does not discuss any particular builder or project. It sets out the general framework so that a buyer facing an insolvency knows which documents and dates to look for.
Frequently asked questions
What happens to homebuyers who did not file a claim in a builder's insolvency?
Under an IBBI change announced on 26 February 2026, the information memorandum must include allottees whose claims are reflected in the builder's books or in the Real Estate Regulatory Authority's records but who have not submitted claims, with names, amounts due and units allotted. The resolution plan must then provide for their treatment.
Can I file my claim after the date in the public announcement?
Regulation 12(1) of the CIRP Regulations, as quoted in IBBI's FAQ, lets a creditor who missed the announced date submit a claim up to the date of issue of the request for resolution plans or ninety days from the insolvency commencement date, whichever is later, giving reasons for any delay beyond ninety days.
What if I file even later than that?
Regulation 13(1B), quoted in the IBBI FAQ, says claims received after the regulation 12(1) period and up to seven days before the creditors' meeting to vote on the resolution plan, or the initiation of liquidation, shall be verified and categorised as acceptable or non-acceptable for collation. Filing earlier keeps more options open.
Who votes for homebuyers in a builder's insolvency?
An authorised representative votes for the homebuyer class. IBBI's FAQ says regulation 16A(2) now lets the insolvency professional selected as representative act as interim representative while the appointment application is pending, attending creditors' meetings, collecting instructions from homebuyers and casting votes for the class.
Last updated 2026-10-26. PropNewz Team.
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