The appeals relate 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. The Supreme Court, in 'Chitra Sharma Vs. Union of India', directed the constitution of a fresh Committee of Creditors (CoC) and allowed the IRP to invite fresh expressions of interest. A key issue arose regarding the voting share of allottees (homebuyers) as financial creditors, leading to a difference of opinion among the NCLT members. The matter was referred to a third member, and subsequently, the Resolution Professional filed an application seeking exclusion of the period of pendency for
…IDBI Bank initiated CIRP against Jaypee Infratech Ltd. Jaypee Infratech is a real estate company. The Supreme Court directed a fresh CoC. A dispute arose regarding the voting share of allottees (homebuyers) as financial creditors. The NCLT members had differing opinions on the voting share calculation. The Resolution Professional sought exclusion of the period of pendency for clarification. The CoC rejected earlier resolution plans, including NBCC's. Adani Infra (I) Ltd. proposed to file a resolution plan. The CIRP timeline of 270 days was approaching. The allottees sought exclusion of the period during which the voting share matter was pending before the Adjudicating Authority. The NCLAT considered the appeals and the application for exclusion. The Supreme Court in
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The ‘Home Buyers Association' preferred an…
The Hon'ble Members of Adjudicating Authority…
The appeals relate 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. The Supreme Court, in 'Chitra Sharma Vs. Union of India', directed the constitution of a fresh Committee of Creditors (CoC) and allowed the IRP to invite fresh expressions of interest. A key issue arose regarding the voting share of allottees (homebuyers) as financial creditors, leading to a difference of opinion among the NCLT members. The matter was referred to a third member, and subsequently, the Resolution Professional filed an application seeking exclusion of the period of pendency for
…IDBI Bank initiated CIRP against Jaypee Infratech Ltd. Jaypee Infratech is a real estate company. The Supreme Court directed a fresh CoC. A dispute arose regarding the voting share of allottees (homebuyers) as financial creditors. The NCLT members had differing opinions on the voting share calculation. The Resolution Professional sought exclusion of the period of pendency for clarification. The CoC rejected earlier resolution plans, including NBCC's. Adani Infra (I) Ltd. proposed to file a resolution plan. The CIRP timeline of 270 days was approaching. The allottees sought exclusion of the period during which the voting share matter was pending before the Adjudicating Authority. The NCLAT considered the appeals and the application for exclusion. The Supreme Court in
…The ‘Home Buyers Association' preferred an…
The Hon'ble Members of Adjudicating Authority…