# In the matter of Jaypee Infratech Limited CA No. 114-2018 IN CP No. (IB)-77-ALD-2017

> NCLT judgment dated 2018-05-09. Citation: TCN-2018-NCLT-01438. The case involves an application filed by Standard Chartered Bank against Jaypee Infratech…

- **Court:** NCLT
- **Order date:** 9 May 2018
- **Citation:** TCN-2018-NCLT-01438
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jaypee-infratech-limited-ca-no-114-2018-in-cp-no-ib-77-ald-2017-c0570dca

## Summary

### Background

The case involves an application filed by Standard Chartered Bank against Jaypee Infratech Limited under Section 60(5) of the Insolvency & Bankruptcy Code, 2016. Standard Chartered Bank, claiming to be a financial creditor, filed a claim which was rejected by the Resolution Professional. The bank alleges that the Resolution Professional did not provide notice of the Committee of Creditors (COC) meetings and wrongfully rejected their claim. The applicant seeks directions against the Resolution Professional to accept their claim and declare them as a financial creditor.

## Facts

Standard Chartered Bank filed a claim as a financial creditor against Jaypee Infratech Limited, the corporate debtor. The claim was based on credit facilities extended to Jaiprakash Associates Ltd (JAL), the holding company of the corporate debtor, secured by mortgage deeds. The Resolution Professional rejected the claim, and Standard Chartered Bank alleges lack of notice of COC meetings. The applicant claims the corporate debtor is indebted to them for ₹685,96,46,999.26 as of August 9, 2017. The applicant contends that the rejection of its claim and the failure to provide notice of COC meetings are contrary to the provisions of the Insolvency & Bankruptcy Code. The applicant seeks to be declared a financial creditor.

## Issues and analysis

### Issue 1: Whether Standard Chartered Bank should be considered a financial creditor of Jaypee Infratech …

**Ratio:** The execution of a mortgage deed to create security interest for the holding company does

…

**Reasoning:** The court relied on a similar case involving ICICI Bank, where it was decided that the

…

**Interpretation:** The interpretation of 'financial creditor' under the Insolvency &

…

**Application:** The court applied the reasoning from the ICICI Bank case to the present case,

…

## Parties

- **Judges:** SH. V.P.…; Saroj Ra…
- **Appellants:** Standard Chartered…
- **Respondents:** Jaypee Infratech…; Anuj…

## Timeline

- **2017-08-09 — Debt Amo…**: Corporate debtor is indebted to the applicant…
- **2017-08-30 — Claim Subm…**: Applicant submitted its…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/jaypee-infratech-limited-ca-no-114-2018-in-cp-no-ib-77-ald-2017-c0570dca