# In the matter of Jaypee Infratech Ltd. CA No. 22-2019 In CP No.(IB) 77-ALD-2017

> NCLT judgment dated 2019-01-28. Citation: TCN-2019-NCLT-05145. The case involves an application for the extension of the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 28 Jan 2019
- **Citation:** TCN-2019-NCLT-05145
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jaypee-infratech-ltd-ca-no-22-2019-in-cp-noib-77-ald-2017-06689dae

## Summary

### Background

The case involves an application for the extension of the Corporate Insolvency Resolution Process (CIRP) for Jaypee Infratech Ltd. (JIL). The CIRP was initiated following the admission of a petition filed by the Financial Creditor, IDBI Bank. The Hon'ble Supreme Court had previously directed the revival of CIRP for another 180 days and mandated the constitution of a new Committee of Creditors (COC) in accordance with amended provisions of the I&B Code. The Interim Resolution Professional (IRP) identified two classes of creditors: allottees and fixed deposit holders. The COC's fifth meeting approved a resolution authorizing the RP to file an application to extend the CIRP beyond 180 days.

## Facts

The Financial Creditor, IDBI Bank, filed CP No.(IB)77/ALD/2017, which was admitted on 09.08.2017, commencing the CIRP for Jaypee Infratech Ltd. (JIL). The Hon'ble Supreme Court directed the revival of CIRP for another 180 days. The IRP issued a public announcement on 17.08.2018 and constituted a COC on 30.08.2018. The IRP identified allottees and fixed deposit holders as creditors. The COC's fifth meeting, held on 17.01.2019, approved a resolution to extend the CIRP beyond 180 days with a 71.49% majority vote. Reasons for seeking the extension included a voting deadlock in the COC and delays in finalizing the Evaluation Matrix and Process Note. The voting deadlock was referred to the NCLT President. The COC received a request from a prospective resolution applicant

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) period for Jaypee Infratech Ltd. should …

**Ratio:** Section 12(2) of the IBC allows for the extension of the CIRP period beyond 180 days,

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**Reasoning:** The COC approved the resolution seeking extension of CIRP period with a voting strength

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**Interpretation:** The provision allows for flexibility in the CIRP process to address unforeseen

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**Application:** The COC's approval and the identified reasons justify the extension of the CIRP

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## Parties

- **Judges:** SAROJ KA…; BIKKI RAVEENDRA…
- **Appellants:** IDBI…
- **Respondents:** Jaypee Infratech…; Jaypee Infratech…
- **Advocates:** Rahul Ag…; Sanjay…

## Timeline

- **2017-08-09 — CIRP Commen…**: CP No.(IB)77/ALD/2017 filed by IDBI Bank was admitted, commencing CIRP for Jaypee…
- **2018-08-09 — Supreme Cour…**: The Hon'ble Supreme Court directed…

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