The case involves two appeals filed against the same order dated 07th March, 2023, passed by the National Company Law Tribunal (NCLT), New Delhi, Principal Bench. The NCLT order disposed of I.A. No. 2593/PB/2021 filed by the Interim Resolution Professional (IRP) and dismissed I.A. No. 631/PB/2022. The appeals concern the appropriation of Rs. 750 Crores, which was deposited in the Supreme Court in relation to a writ petition filed to protect the interests of home buyers in a project floated by Jaypee Infratech Limited (JIL). Company Appeal (AT) Ins. No. 302 of 2023 was filed by Jaiprakash Associates Limited (JAL), and Company Appeal (AT) Ins. No. 507 of 2023 was filed by Jaypee Infratech Limited (JIL).
Jaiprakash Associates Limited (JAL) and Jaypee Infratech Limited (JIL) are parties involved in a corporate insolvency resolution process (CIRP). A writ petition was filed in the Supreme Court to protect the interests of home buyers in a project floated by JIL. The Supreme Court directed JAL to deposit Rs. 750 Crores. JAL filed a claim in Form B as an Operational Creditor in the CIRP of JIL. Disputes arose regarding the reconciliation of accounts between JAL and JIL, particularly concerning the Rs. 750 Crores. The Adjudicating Authority appointed Grant Thornton (GT) as an independent auditor to carry out the reconciliation. GT submitted its report, and the Adjudicating Authority passed an order determining the appropriation of the Rs. 750 Crores. Both JAL and JIL filed
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Corporate Insolvency Resolution Process…
IRP issued public announcement on 10th August,…
The case involves two appeals filed against the same order dated 07th March, 2023, passed by the National Company Law Tribunal (NCLT), New Delhi, Principal Bench. The NCLT order disposed of I.A. No. 2593/PB/2021 filed by the Interim Resolution Professional (IRP) and dismissed I.A. No. 631/PB/2022. The appeals concern the appropriation of Rs. 750 Crores, which was deposited in the Supreme Court in relation to a writ petition filed to protect the interests of home buyers in a project floated by Jaypee Infratech Limited (JIL). Company Appeal (AT) Ins. No. 302 of 2023 was filed by Jaiprakash Associates Limited (JAL), and Company Appeal (AT) Ins. No. 507 of 2023 was filed by Jaypee Infratech Limited (JIL).
Jaiprakash Associates Limited (JAL) and Jaypee Infratech Limited (JIL) are parties involved in a corporate insolvency resolution process (CIRP). A writ petition was filed in the Supreme Court to protect the interests of home buyers in a project floated by JIL. The Supreme Court directed JAL to deposit Rs. 750 Crores. JAL filed a claim in Form B as an Operational Creditor in the CIRP of JIL. Disputes arose regarding the reconciliation of accounts between JAL and JIL, particularly concerning the Rs. 750 Crores. The Adjudicating Authority appointed Grant Thornton (GT) as an independent auditor to carry out the reconciliation. GT submitted its report, and the Adjudicating Authority passed an order determining the appropriation of the Rs. 750 Crores. Both JAL and JIL filed
…Corporate Insolvency Resolution Process…
IRP issued public announcement on 10th August,…