The case involves an appeal filed by Yamuna Expressway Industrial Development Authority (YEIDA) against an order dated 07.03.2023 passed by the National Company Law Tribunal (NCLT), New Delhi, which approved the resolution plan submitted by Suraksha Realty Limited for Jaypee Infratech Limited (JIL). YEIDA, an operational creditor, challenged the treatment of its claim in the Corporate Insolvency Resolution Process (CIRP) of JIL. The dispute revolves around YEIDA's claim for additional compensation to farmers and External Development Charges (EDC), and whether YEIDA should be considered a secured creditor. The CIRP of JIL has undergone protracted litigation, with multiple rounds of appeals and challenges to resolution plans.
Yamuna Expressway Industrial Development Authority (YEIDA) filed a claim as an operational creditor in the Corporate Insolvency Resolution Process (CIRP) of Jaypee Infratech Limited (JIL). YEIDA's claim included amounts for pending works, External Development Charges (EDC), and compensation payable to farmers. The CIRP was initiated by IDBI Bank against JIL. The IRP admitted part of YEIDA's claim but rejected a significant portion, particularly the claim for additional farmer compensation, citing pending arbitration. YEIDA challenged the resolution plan approved by the NCLT, arguing it was not treated as a secured creditor and its claims were undervalued. The Allahabad High Court's decision regarding additional compensation to farmers was initially challenged but later
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The Uttar Pradesh Industrial Area Development…
Taj Expressway Industrial Development Authority…
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The case involves an appeal filed by Yamuna Expressway Industrial Development Authority (YEIDA) against an order dated 07.03.2023 passed by the National Company Law Tribunal (NCLT), New Delhi, which approved the resolution plan submitted by Suraksha Realty Limited for Jaypee Infratech Limited (JIL). YEIDA, an operational creditor, challenged the treatment of its claim in the Corporate Insolvency Resolution Process (CIRP) of JIL. The dispute revolves around YEIDA's claim for additional compensation to farmers and External Development Charges (EDC), and whether YEIDA should be considered a secured creditor. The CIRP of JIL has undergone protracted litigation, with multiple rounds of appeals and challenges to resolution plans.
Yamuna Expressway Industrial Development Authority (YEIDA) filed a claim as an operational creditor in the Corporate Insolvency Resolution Process (CIRP) of Jaypee Infratech Limited (JIL). YEIDA's claim included amounts for pending works, External Development Charges (EDC), and compensation payable to farmers. The CIRP was initiated by IDBI Bank against JIL. The IRP admitted part of YEIDA's claim but rejected a significant portion, particularly the claim for additional farmer compensation, citing pending arbitration. YEIDA challenged the resolution plan approved by the NCLT, arguing it was not treated as a secured creditor and its claims were undervalued. The Allahabad High Court's decision regarding additional compensation to farmers was initially challenged but later
…The Uttar Pradesh Industrial Area Development…
Taj Expressway Industrial Development Authority…
Sign in to view related legal provisions.