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

> NCLAT judgment dated 2019-05-17. Citation: TCN-2019-NCLAT-00542. The case involves an appeal related to an insolvency proceeding. IDBI Bank Limited is the…

- **Court:** NCLAT
- **Order date:** 17 May 2019
- **Citation:** TCN-2019-NCLAT-00542
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/idbi-bank-limited-vs-anuj-jain-interim-resolution-professional-jaypee-infratech-9394d25f

## Summary

### Background

The case involves an appeal related to an insolvency proceeding. IDBI Bank Limited is the Appellant, challenging a decision related to Jaypee Infratech Limited, where Mr. Anuj Jain is the Interim Resolution Professional (IRP). The allottees of the real estate, being members of the Committee of Creditors (CoC), are allowed to be impleaded as party Respondent No. 2 in a representative capacity. The Appellate Tribunal is allowing representatives of the allottees' associations to file Intervention Applications to assist the tribunal.

## Facts

IDBI Bank Limited filed an appeal against Mr. Anuj Jain, the Interim Resolution Professional (IRP) for Jaypee Infratech Limited. The case concerns the insolvency resolution process of Jaypee Infratech Limited. The allottees of the real estate, who are members of the Committee of Creditors (CoC), are permitted to be included as party Respondent No. 2. The voting that had previously taken place was annulled. The allottees, lacking legal expertise, are allowed to seek assistance from legal professionals. The CoC is allowed to renegotiate with NBCC by May 30, 2019, and start fresh voting from May 31, 2019. The CoC cannot reject the resolution plan without the Appellate Tribunal's permission, as the matter relating to the voting share and other financial creditors is

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## Issues and analysis

### Issue 1: Whether the allottees of the real estate, being members of the Committee of Creditors, can be …

**Ratio:** The principle of representation allows a group of individuals with common interests to be

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**Reasoning:** The court allowed the impleadment of the allottees as party Respondent No. 2 to ensure

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**Interpretation:** This interpretation allows for the inclusion of relevant stakeholders in the

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**Application:** The allottees, being members of the CoC, are directly affected by the

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +1 more
- **Appellants:** IDBI Bank L…
- **Respondents:** Jaypee Infratech…; Anuj…

## Timeline

- **2019-05-17 — Issue No…**: Notice issued to the Respondent (Interim Resolution Professional), accepted by Mr. Sumant…
- **2019-07-17 — Case Pos…**: Case posted for…

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