# In the matter of Jaiprakash Associates Limited

> NCLT judgment dated 2026-03-17. Citation: TCN-2026-NCLT-00352. M/S Renaissance Realty filed an application under Section 60(5) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 17 Mar 2026
- **Citation:** TCN-2026-NCLT-00352
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/jaiprakash-associates-limited-36526127

## Summary

### Background

M/S Renaissance Realty filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions to the Resolution Professional of Jai Prakash Associates Limited (Corporate Debtor) to handover possession and execute a sub-lease deed for a residential unit booked by the applicant.

## Facts

M/S Renaissance Realty booked a residential flat in Jaypee Greens Kalypso Court (Phase-II) and paid Rs. 4,84,29,567 to the Corporate Debtor.

Possession was to be given by 18.12.2015, but the Corporate Debtor failed to deliver it.

The Applicant approached UP RERA, which ordered possession and delayed period interest.

The Applicant recovered Rs. 1 crore from the Corporate Debtor before the CIRP commencement.

The Corporate Debtor was admitted into CIRP on 03.06.2024.

The Applicant filed a claim as a Financial Creditor for Rs. 8,57,82,007.10, but only Rs. 68,25,224 was admitted.

The Resolution Professional offered possession without adjusting delay interest, demanding Rs. 46,81,083.

…

## Issues and analysis

### Issue 1: Whether the amount of Rs. 1 Crore deposited by the Applicant with the Registry of the Tribunal …

**Ratio:** Permitting the Applicant to appropriate or retain the amount of Rs. 1 Crore would result

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**Reasoning:** The Tribunal reasoned that allowing the applicant to retain the deposited amount would

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**Interpretation:** The court interpreted the IBC to prioritize the collective interest of all

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**Application:** The Tribunal applied the principle of collective insolvency mechanism and

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** M/S Renaissance…
- **Respondents:** Jai Prakash…; M/S Jaiprakash…; +1 more
- **Other parties:** ICICI Bank…
- **Advocates:** Sh. Yash…; Farrukh…; +2 more

## Timeline

- **2025-02-13 — Application…**: M/s Renaissance Realty…
- **2024-06-03 — CIRP Commen…**: Corporate Debtor admitted into…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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