The case involves two appeals related to the Corporate Insolvency Resolution Process (CIRP) against Jaypee Infratech Limited (Corporate Debtor). The CIRP was initiated following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) by IDBI Bank Limited. A key issue arose regarding the voting share of allottees (homebuyers) as financial creditors, particularly in the context of real estate projects. The Hon'ble Supreme Court had previously issued directions in the matter of 'Chitra Sharma Vs. Union of India'. The Adjudicating Authority (National Company Law Tribunal), Allahabad Bench, expressed a difference of opinion regarding the threshold voting share for the Committee of Creditors (CoC). The matter was then referred to a third
…IDBI Bank initiated Corporate Insolvency Resolution Process (CIRP) against Jaypee Infratech Limited (JIL). Jaypee Greens Krescent Home Buyers Welfare Association also filed an appeal. The CIRP was initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016. Chitra Sharma moved the Supreme Court, which issued directions. The Home Buyers Association sought clarification from the NCLT Allahabad Bench regarding the voting percentage of allottees. The NCLT Allahabad Bench had a difference of opinion on whether the voting share fixed for the Committee of Creditors (CoC) should be followed literally. The matter was referred to a third member. The Resolution Professional sought exclusion of the period of pendency for calculating the 270-day CIRP period. The Committee
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Proceedings in CP(IB)…
Judgement reported in…
The case involves two appeals related to the Corporate Insolvency Resolution Process (CIRP) against Jaypee Infratech Limited (Corporate Debtor). The CIRP was initiated following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) by IDBI Bank Limited. A key issue arose regarding the voting share of allottees (homebuyers) as financial creditors, particularly in the context of real estate projects. The Hon'ble Supreme Court had previously issued directions in the matter of 'Chitra Sharma Vs. Union of India'. The Adjudicating Authority (National Company Law Tribunal), Allahabad Bench, expressed a difference of opinion regarding the threshold voting share for the Committee of Creditors (CoC). The matter was then referred to a third
…IDBI Bank initiated Corporate Insolvency Resolution Process (CIRP) against Jaypee Infratech Limited (JIL). Jaypee Greens Krescent Home Buyers Welfare Association also filed an appeal. The CIRP was initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016. Chitra Sharma moved the Supreme Court, which issued directions. The Home Buyers Association sought clarification from the NCLT Allahabad Bench regarding the voting percentage of allottees. The NCLT Allahabad Bench had a difference of opinion on whether the voting share fixed for the Committee of Creditors (CoC) should be followed literally. The matter was referred to a third member. The Resolution Professional sought exclusion of the period of pendency for calculating the 270-day CIRP period. The Committee
…Proceedings in CP(IB)…
Judgement reported in…