# In the matter of IDBI Bank Limited &Ors. Vs Mr. Anuj Jain, Interim Resolution Professional Jaypee Infratech Limited CA(AT)(Insolvency) 536 & 708-2019

> NCLAT judgment dated 2019-07-30. Citation: TCN-2019-NCLAT-00402. The case involves two appeals related to the Corporate Insolvency Resolution Process (CIRP)…

- **Court:** NCLAT
- **Order date:** 30 Jul 2019
- **Citation:** TCN-2019-NCLAT-00402
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/idbi-bank-limited-ors-vs-mr-anuj-jain-interim-resolution-professional-jaypee-inf-585993a3

## Summary

### Background

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

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## Facts

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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## Issues and analysis

### Issue 1: Whether the threshold voting share fixed for the decision of the Committee of Creditors (CoC) under …

**Ratio:** The voting share as prescribed and required to be achieved under the respective

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**Reasoning:** The two Hon'ble Members of NCLT differed on the principle on 13th December, 2018 and

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**Interpretation:** The interpretation of the I&B Code regarding the voting share of the CoC is

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**Application:** The application of this ratio affects how the voting share of the allottees is

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** IDBI Bank…
- **Respondents:** Jaypee Infratech…; Anuj…

## Timeline

- **2017-01-01 — CP(IB) No. 77/…**: Proceedings in CP(IB) No. 77/ALD/2017…
- **2018-08-09 — Chitra Sharma Vs. Union…**: Judgement reported in ‘2018 SCC OnLine SC…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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