# In the matter of IDBI Bank Ltd Vs Mr. Anuj Jain IRP Jaypee Infratech Ltd. & Anr CA (AT) (Ins) No. 536-2019 with IA No. 1857-2019

> NCLAT judgment dated 2019-07-30. Citation: TCN-2019-NCLAT-00398. The appeals relate to the Corporate Insolvency Resolution Process (CIRP) against Jaypee…

- **Court:** NCLAT
- **Order date:** 30 Jul 2019
- **Citation:** TCN-2019-NCLAT-00398
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/idbi-bank-ltd-vs-mr-anuj-jain-irp-jaypee-infratech-ltd-anr-ca-1b54cb0e

## Summary

### Background

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

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## Facts

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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## Issues and analysis

### Issue 1: Whether the period during which the matter remained pending before the Adjudicating Authority for …

**Ratio:** The principle established in 'Quinn Logistics India P. Ltd. Vs. Macksoft Tech P. Ltd.'

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**Reasoning:** The court reasoned that the delay in determining the voting share of the allottees

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**Interpretation:** The interpretation of the I&B Code allows for flexibility in the CIRP

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**Application:** The court applied the principle from 'Quinn Logistics' to exclude 90 days from

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## Parties

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

## Timeline

- **2018-09-17 — Application by Home…**: The ‘Home Buyers Association' preferred an application before the Adjudicating Authority…
- **2018-12-13 — Difference of Opinion…**: The Hon'ble Members of Adjudicating Authority (National Company Law Tribunal), Allahabad…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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