# In the matter of Jaypee Greens Krescent Home Buyers Welfare Association & Ors. Vs. Jaypee Infratech Ltd. Through Anuj Jain, Interim Resolution Professional CA(AT)(Insolvency) No. 708-2019

> NCLAT judgment dated 2019-07-12. Citation: TCN-2019-NCLAT-00452. The case pertains to a 'Corporate Insolvency Resolution Process' against an Infrastructure…

- **Court:** NCLAT
- **Order date:** 12 Jul 2019
- **Citation:** TCN-2019-NCLAT-00452
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/jaypee-greens-krescent-home-buyers-welfare-association-ors-vs-jaypee-infratech-l-49d771d3

## Summary

### Background

The case pertains to a 'Corporate Insolvency Resolution Process' against an Infrastructure Company, referred to as the 'Corporate Debtor'. The core issue revolves around the assets of the 'Corporate Debtor', which are typically limited to the infrastructure of a specific project intended for allotment or sale to allottees. The matter concerns whether such projects can be combined with other projects for the purpose of 'Corporate Insolvency Resolution Process' against the same 'Corporate Debtor'.

## Facts

The case involves a 'Corporate Insolvency Resolution Process' initiated against an infrastructure company ('Corporate Debtor'). The assets of the 'Corporate Debtor' are primarily the infrastructure of a specific project meant for sale or allotment to allottees. The core issue is whether the 'Committee of Creditors' can reject a 'Resolution Plan' solely based on insufficient upfront payment, even if the plan is otherwise viable and proposes to complete the project for the benefit of allottees and other creditors. The court notes that the infrastructure assets are transferred to allottees/'Financial Creditors'. The court also considers the concept of 'hair cut' in a 'Resolution Plan', particularly in the context of allottees entitled to infrastructure.

## Issues and analysis

### Issue 1: Whether, in the case of 'Corporate Insolvency Resolution Process' against an infrastructure company …

**Ratio:** The maximization of the asset cannot be of the ‘Corporate Debtor', but will be of that of

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**Reasoning:** The court reasons that the assets of the 'Corporate Debtor', being infrastructure, are

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**Interpretation:** The legal issue revolves around the balance between the interests of the

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**Application:** The ratio and reasoning apply to the specific facts of the case, where the

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +2 more
- **Appellants:** Jaypee Greens…
- **Respondents:** Jaypee Infratech…
- **Advocates:** Amit K. M…; Shivam P…; +5 more

## Timeline

- **2019-07-12 — Order Da…**: Order regarding 'Corporate Insolvency Resolution Process' against an Infrastructure…
- **2019-07-17 — Listing of…**: The court orders to list this Appeal on 17th July, 2019 at 03:03 PM before the First…

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