# In the matter of Jaiprakash Associates Limited

> NCLT judgment dated 2026-03-17. Citation: TCN-2026-NCLT-00349. Six operational creditors filed applications seeking to intervene in the resolution plan…

- **Court:** NCLT
- **Order date:** 17 Mar 2026
- **Citation:** TCN-2026-NCLT-00349
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/jaiprakash-associates-limited-f7591dfe

## Summary

### Background

Six operational creditors filed applications seeking to intervene in the resolution plan approval process for Jaiprakash Associates Limited, arguing that their claims were partially admitted and they were denied access to the resolution plan.

## Facts

Six operational creditors filed applications to intervene in the resolution plan approval process.

The operational creditors' claims were partially admitted by the Resolution Professional.

The operational creditors were denied access to the Resolution Plan and related documents.

The Resolution Professional contended that the Resolution Plan is confidential and cannot be shared with non-members of the Committee of Creditors.

The Committee of Creditors approved the Resolution Plan with a 93.81% voting share.

The NCLT held that operational creditors are not entitled to access the Resolution Plan before its approval.

## Issues and analysis

### Issue 1: Whether Operational Creditors, who are not members of the Committee of Creditors, have a right to …

**Ratio:** Operational Creditors do not have an independent right to access the Resolution Plan

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**Reasoning:** The statutory scheme does not contemplate disclosure of the Resolution Plan to individual

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**Interpretation:** The NCLT interpreted Section 24 of the Code and Regulation 21 of the CIRP

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**Application:** The NCLT applied this interpretation to the case at hand, holding that the

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Diamond Roa…; R. K. Road…; +5 more
- **Respondents:** Jaiprakash…; Bhuvan Madan…
- **Other parties:** ICICI Bank…; Bhuvan…
- **Advocates:** Sh. Krishna Dev…; Sh. Aditya…; +13 more

## Timeline

- **2026-01-10 — Application…**: Six operational…
- **2024-06-03 — CIRP Admi…**: Corporate Debtor was…

## 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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