# In the matter of Jaiprakash Associates Limited

> NCLT judgment dated 6 Mar 2025. Citation: TCN-2025-NCLT-00389. The applicant, a suspended director and personal guarantor of the corporate debtor, filed an…

- **Court:** NCLT
- **Order date:** 6 Mar 2025
- **Citation:** TCN-2025-NCLT-00389
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jaiprakash-associates-limited-12d188d5

## Summary

### Background

The applicant, a suspended director and personal guarantor of the corporate debtor, filed an application challenging the Resolution Professional's (RP) decision to simultaneously invite Expressions of Interest (EOI) for the corporate debtor as a whole and for its business clusters, arguing it violated the Insolvency and Bankruptcy Code, 2016 and its regulations.

## Facts

Sunil Kumar Sharma, a suspended director and personal guarantor of Jaiprakash Associates Limited (corporate debtor), filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The application sought to quash and set aside Agenda Items 7 and 8 of the 7th Committee of Creditors (CoC) meeting and E-Voting Agenda Item No. 4, along with the consequential resolution passed by the CoC on December 19, 2024, with an 81.80% voting share, alleging contravention of the Code and Regulations.

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## Issues and analysis

### Issue 1: Whether the Resolution Professional's action of simultaneously inviting Expressions of Interest and…

**Ratio:** The provisions of the Insolvency and Bankruptcy Code, 2016 and its Regulations,…

**Reasoning:** The NCLT reasoned that a conjoint reading of Regulations 36A(12) and 36B(6A)…

**Interpretation:** The NCLT interpreted Regulation 36B(6A) as establishing a sequential process:…

**Application:** Applying this interpretation, the NCLT found that the Resolution Professional's…

## Parties

- **Judges:** Sh. Praveen…; MEMBER (JUD…; +2 more
- **Advocates:** For the Applicant:…; Sh. Karan…; +8 more

## Timeline

- **December 19, 2024 — 7th CoC M…**: The 7th Committee of Creditors (CoC) meeting was convened to discuss the strategy for…
- **January 10, 2025 — First He…**: The matter came up for hearing, and notice was issued to the non-Applicant/Respondents.…

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