# Yamuna Expressway Industrial Development Authority vs. Monitoring Committee of Jaypee Infratech Ltd. Company Appeal (AT) (Insolvency) No. 493 of 2023

> NCLAT judgment dated 2023-04-25. Citation: TCN-2023-NCLAT-00580. The Yamuna Expressway Industrial Development Authority (YEIDA) filed an appeal challenging an…

- **Court:** NCLAT
- **Order date:** 25 Apr 2023
- **Citation:** TCN-2023-NCLAT-00580
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/yamuna-expressway-industrial-development-authority-vs-monitoring-committee-of-ja-75edaef5

## Summary

### Background

The Yamuna Expressway Industrial Development Authority (YEIDA) filed an appeal challenging an order by the National Company Law Tribunal (NCLT), New Delhi, which approved a resolution plan submitted by Suraksha Realty for Jaypee Infratech Limited (JIL). YEIDA's grievance stems from the resolution plan's treatment of its claim for additional compensation to farmers, arguing that the plan unfairly allocates only a nominal amount (INR 10 lakhs) against its substantial claim (INR 1,689.017 crores). The dispute originates from a concession agreement between YEIDA and JIL for the Yamuna Expressway project, where YEIDA granted JIL rights to collect tolls and commercially exploit land. Farmers later demanded additional compensation for land acquired for the project, leading to

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## Facts

Yamuna Expressway Industrial Development Authority (YEIDA) is a statutory authority constituted under the Uttar Pradesh Industrial Area Development Act, 1976. YEIDA executed a Concession Agreement with Jaypee Infratech Limited (JIL) for the construction of the Yamuna Expressway, granting JIL rights to collect tolls and commercially exploit land. Between 2007 and 2014, YEIDA acquired land from farmers, which led to disputes over compensation. The Allahabad High Court directed additional compensation of 64.7% to the farmers. YEIDA passed a resolution on 15.09.2014 to pay the additional compensation, issuing demands to JIL. JIL initiated arbitration proceedings against YEIDA, questioning the demand for additional compensation. IDBI filed an application, initiating

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority's order dated 07.03.2023, approving the Resolution Plan …

**Ratio:** The ratio is based on the principle that a resolution plan must comply with the

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**Reasoning:** The court reasoned that the Adjudicating Authority's order, which allocated only INR 10

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**Interpretation:** The interpretation is that the resolution plan must comply with the IBC and the

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**Application:** The application is that the Adjudicating Authority's order is not in accordance

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Yamuna Expressway…
- **Respondents:** Jaypee Infratech…; Monitoring…
- **Other parties:** 7th Edition…; Operational debt…; +6 more

## Timeline

- **1976-01-01 — Uttar Pradesh…**: The Uttar Pradesh Industrial Area Development Act was enacted, under which YEIDA was…
- **2003-02-07 — Concession Ag…**: YEIDA executed a Concession Agreement with Jaypee Infratech Limited (JIL) for the…

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