The case involves a dispute regarding the insolvency commencement date for Jaypee Infratech Limited (JIL). The initial Corporate Insolvency Resolution Process (CIRP) was triggered by IDBI Bank Limited. Home buyers filed Writ Petition (Civil) No.744 of 2017 before the Supreme Court of India. The Supreme Court directed re-commencement of the CIRP of JIL. The core issue revolves around whether the insolvency commencement date should be the initial date (August 9, 2017) or the date of the Supreme Court's order (August 9, 2018), which directed the CIRP's re-commencement. The applicants argue that the date should be August 9, 2018, allowing for fresh claims to be filed, while the IRP contends it should remain August 9, 2017.
1. IDBI Bank Limited filed CP NO.(IB)77/ALD/2017 to initiate Corporate Insolvency Resolution Process (CIRP) against Jaypee Infratech Limited (JIL).
2. The petition was admitted on August 9, 2017, and Mr. Anuj Jain was appointed as the Interim Resolution Professional (IRP).
3. Home buyers filed Writ Petition (Civil) No.744 of 2017 before the Supreme Court of India.
4. The Supreme Court, in its order dated August 9, 2018, directed the re-commencement of the CIRP of JIL.
5. Financial creditors filed an application (IA No.217 of 2018) seeking a declaration that the insolvency commencement date should be August 9, 2018, the date of the Supreme Court's order.
6. The applicants argued that the re-commencement of the CIRP necessitates a fresh start, including the invitation of
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The Adjudicating Authority admitted the petition…
Home buyers filed Writ…
The case involves a dispute regarding the insolvency commencement date for Jaypee Infratech Limited (JIL). The initial Corporate Insolvency Resolution Process (CIRP) was triggered by IDBI Bank Limited. Home buyers filed Writ Petition (Civil) No.744 of 2017 before the Supreme Court of India. The Supreme Court directed re-commencement of the CIRP of JIL. The core issue revolves around whether the insolvency commencement date should be the initial date (August 9, 2017) or the date of the Supreme Court's order (August 9, 2018), which directed the CIRP's re-commencement. The applicants argue that the date should be August 9, 2018, allowing for fresh claims to be filed, while the IRP contends it should remain August 9, 2017.
1. IDBI Bank Limited filed CP NO.(IB)77/ALD/2017 to initiate Corporate Insolvency Resolution Process (CIRP) against Jaypee Infratech Limited (JIL).
2. The petition was admitted on August 9, 2017, and Mr. Anuj Jain was appointed as the Interim Resolution Professional (IRP).
3. Home buyers filed Writ Petition (Civil) No.744 of 2017 before the Supreme Court of India.
4. The Supreme Court, in its order dated August 9, 2018, directed the re-commencement of the CIRP of JIL.
5. Financial creditors filed an application (IA No.217 of 2018) seeking a declaration that the insolvency commencement date should be August 9, 2018, the date of the Supreme Court's order.
6. The applicants argued that the re-commencement of the CIRP necessitates a fresh start, including the invitation of
The Adjudicating Authority admitted the petition…
Home buyers filed Writ…