# In the matter of Jaiprakash Associates Ltd. & Ors. vs. Jaypee Infratech Ltd. & Ors.

> NCLAT judgment dated 2024-02-21. Citation: TCN-2024-NCLAT-00624. The case involves two appeals against the order dated 07.03.2023 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 21 Feb 2024
- **Citation:** TCN-2024-NCLAT-00624
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/jaiprakash-associates-ltd-ors-vs-jaypee-infratech-ltd-ors-094685ce

## Summary

### Background

The case involves two appeals against the order dated 07.03.2023 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Special Bench, approving the Resolution Plan submitted by Consortium of M/s. Suraksha Realty Limited and M/s. Lakshdeep Investment and Finance Private Limited in the Corporate Insolvency Resolution Process (CIRP) of Jaypee Infratech Limited. Company Appeal (AT) (Insolvency) No. 548 of 2023 was filed by Jaiprakash Associates Limited, the holding company of Jaypee Infratech Limited, while Company Appeal (AT) (Insolvency) No. 559 of 2023 was filed by Manoj Gaur, the Managing Director of the Corporate Debtor and personal guarantor of the loans given to the Corporate Debtor.

## Facts

Jaiprakash Associates Ltd. (JAL), the holding company of Jaypee Infratech Ltd. (JIL), and Manoj Gaur, the Managing Director of JIL, filed appeals against the approval of the Resolution Plan of Suraksha Realty for JIL's CIRP. The State of Uttar Pradesh constituted the Taj Expressway Industrial Development Authority. A Concession Agreement was executed between Taj Expressway Industrial Development Authority and Jaiprakash Associates Limited. Jaypee Infratech Ltd. was constituted as SPV for the project. IDBI Bank filed Section 7 application against the Corporate Debtor which was admitted by NCLT, Allahabad Bench. Several Writ Petitions were filed before the Hon'ble Supreme Court under Article 32 by the Homebuyers. The Hon'ble Supreme Court held that the promoters of

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## Issues and analysis

### Issue 1: Whether Appellants have locus to challenge the order dated 07.03.2023 passed by the Adjudicating …

**Ratio:** The Hon'ble Supreme Court in Vijay Kumar Jain Vs. Standard Chartered Bank & Anr.

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**Reasoning:** The court noted that the Appellants' objections were heard on merits by the Adjudicating

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**Interpretation:** The court interpreted that the limited ground to challenge approval of the

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**Application:** The court rejected the objection of the respondent on the locus of the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Jaiprakash…
- **Respondents:** Jaypee Infratech…

## Timeline

- **2003-02-07 — Concession Ag…**: A Concession Agreement was executed between Taj Expressway Industrial Development…
- **2007-10-19 — Agreemen…**: By agreement dated 19.10.2007, all the rights and obligations under the Concession…

## 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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