# IDBI Bank Limited Vs Jaypee Infratech Limited

> NCLT judgment dated 7 Mar 2023. Citation: TCN-2023-NCLT-04291. The present application, I.A. No. 2836/PB/2021, was filed by the Interim Resolution…

- **Court:** NCLT
- **Order date:** 7 Mar 2023
- **Citation:** TCN-2023-NCLT-04291
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/idbi-bank-limited-vs-jaypee-infratech-limited-8a1df7bf

## Summary

### Background

The present application, I.A. No. 2836/PB/2021, was filed by the Interim Resolution Professional (IRP) of Jaypee Infratech Limited (JIL) following directions from the Supreme Court of India in the case of Jaypee Kensington Boulevard Apartments Welfare Association & Ors. Vs. NBCC (India) Ltd. & Ors. The application seeks approval of a resolution plan for JIL, the corporate debtor, submitted by a consortium of Suraksha Realty Limited and Lakshdeep Investments and Finance Private Limited. This resolution plan, along with an addendum, was submitted under Section 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) and Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations).

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## Facts

The main petition, CP (IB)-77/ALD/2017, was filed by IDBI Bank Limited against Jaypee Infratech Limited (JIL), the corporate debtor, under Section 7 of the IBC, 2016. This petition was admitted by the Allahabad Bench of the National Company Law Tribunal (NCLT) on August 9, 2017, initiating the Corporate Insolvency Resolution Process (CIRP) for JIL.

Following the admission, Mr. Anuj Jain was appointed as the Interim Resolution Professional (IRP) for JIL. He assumed control of the management and affairs of the corporate debtor on August 12, 2017, in accordance with the provisions of the IBC, 2016.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Suraksha Realty Limited and Lakshdeep Investments and…

**Ratio:** A Resolution Plan, once approved by the Committee of Creditors and found compliant with…

**Reasoning:** The IRP filed an application under Section 30(6) read with Section 31(1) of the IBC,…

**Interpretation:** The court interprets Section 31(1) of the IBC, 2016, to mean that once a…

**Application:** The IRP's application seeks the Tribunal's order to approve the Resolution Plan…

## Parties

- **Judges:** Ramalingam…; Shri. L. N.…
- **Appellants:** IDBI Bank L…
- **Respondents:** Jaypee Infratech…
- **Other parties:** 7th Edition…; Jaypee Inf…; +5 more

## Timeline

- **August 9, 2017 — CIRP Admi…**: The Allahabad Bench of the Tribunal admitted the petition filed by IDBI Bank Limited…
- **August 12, 2017 — IRP Appoi…**: Mr. Anuj Jain was appointed as the Interim Resolution Professional (IRP) and took over…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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