# In the matter of IDBI Bank Limited & Anr. Vs. Mr. Anuj Jain, Interim Resolution Professional Jaypee Infratech Limited CA(AT)(Insolvency) No. 536 & 708-2019

> NCLAT judgment dated 17 Jul 2019. Citation: TCN-2019-NCLAT-00439. The case involves an appeal concerning the Corporate Insolvency Resolution Process (CIRP) of…

- **Court:** NCLAT
- **Order date:** 17 Jul 2019
- **Citation:** TCN-2019-NCLAT-00439
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/idbi-bank-limited-anr-vs-mr-anuj-jain-interim-resolution-professional-jaypee-inf-3f61000d

## Summary

### Background

The case involves an appeal concerning the Corporate Insolvency Resolution Process (CIRP) of JaypeeInfratech Ltd., specifically regarding the counting of voting shares of allottees and the exclusion of a certain period from the 270-day resolution process.

## Facts

The Appellate Tribunal, in its order dated July 12, 2019, in Company Appeal AT (Ins) No. 708 of 2019, noted that the Corporate Insolvency Resolution Process (CIRP) for infrastructure companies might need a different approach. It was observed that in such cases, the primary goal of asset maximization should benefit the allottees and other financial creditors, rather than solely the corporate debtor. The Tribunal emphasized that any resolution plan must be viable and feasible for all stakeholders involved.

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## Issues and analysis

### Issue 1: Whether the period from September 17, 2018, to June 4, 2019, should be excluded from the 270-day…

**Ratio:** The exclusion of the period from September 17, 2018, to June 4, 2019, from the 270-day…

**Reasoning:** There was confusion regarding the counting of voting shares of allottees due to a…

**Interpretation:** The court interpreted the need for flexibility in the CIRP timeline, especially…

**Application:** The court allowed the lenders to file an affidavit with terms and conditions…

## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Advocates:** Ramji Srin…; Bishwajit…; +10 more

## Timeline

- **July 12, 2019 — Previous…**: Appellate Tribunal passed an order in Company Appeal AT (Ins) No. 708 of 2019, making…
- **September 17, 2018 — Application…**: An application was filed before the Adjudicating Authority for clarification regarding…

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