# In the matter of NBCC(India) Ltd. Vs. ICICI Bank Ltd. & Ors. CA(AT)(Ins) No. 475 of 2020

> NCLAT judgment dated 2020-04-22. Citation: TCN-2020-NCLAT-00275. The appeal arises from modifications made by the Adjudicating Authority to a Resolution Plan…

- **Court:** NCLAT
- **Order date:** 22 Apr 2020
- **Citation:** TCN-2020-NCLAT-00275
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/nbccindia-ltd-vs-icici-bank-ltd-ors-ca-05b183c5

## Summary

### Background

The appeal arises from modifications made by the Adjudicating Authority to a Resolution Plan submitted by NBCC (India) Ltd., the Successful Resolution Applicant, in the Corporate Insolvency Resolution Process initiated against Jaypee Infratech Ltd. (JIL). The modifications, approved by the Committee of Creditors, allowed objections from ICICI Bank Ltd. and Yamuna Expressway Industrial Development Authority and directed payment to unclaimed Fixed Deposit Holders. NBCC (India) Ltd. is aggrieved by these modifications.

## Facts

The Corporate Insolvency Resolution Process was initiated against Jaypee Infratech Ltd. (JIL). NBCC (India) Ltd. emerged as the Successful Resolution Applicant. The Adjudicating Authority modified the Resolution Plan submitted by NBCC (India) Ltd., which was approved by the Committee of Creditors. These modifications allowed objections from ICICI Bank Ltd. and Yamuna Expressway Industrial Development Authority and directed payment to unclaimed Fixed Deposit Holders. NBCC (India) Ltd. filed an appeal against these modifications, arguing that the Adjudicating Authority exceeded its jurisdiction. The Resolution Professional continues to manage the affairs of the Corporate Debtor and will be part of the Interim Monitoring Committee.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority exceeded its jurisdiction by modifying the Resolution Plan …

**Ratio:** The Adjudicating Authority's power to modify a Resolution Plan is limited and should not

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**Reasoning:** The court acknowledges the argument that the Adjudicating Authority could not intercede

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**Interpretation:** The interpretation revolves around the scope of the Adjudicating Authority's

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**Application:** The court will need to determine if the specific modifications made by the

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## Parties

- **Judges:** Bansi Lal…; Anant Bijay…
- **Appellants:** NBCC (India…
- **Respondents:** Jaypee Infratech…; ICICI Ban…
- **Advocates:** Prateek…; Siddharth…; +6 more

## Timeline

- **2020-04-22 — Order Da…**: The Appellant – NBCC (India) Ltd., which has emerged as the Successful Resolution…
- **2020-05-15 — Next Hearin…**: Matter listed for…

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