# In the matter of Jaypee Infratech Limited IA No. 1429-PB-2020, IA No. 3311-PB-2022 in Company Petition No. (IB)-77(ALD)-2017

> NCLT judgment dated 2023-03-07. Citation: TCN-2023-NCLT-04286. The document pertains to two Interlocutory Applications (IAs), IA No. 1429/PB/2020 and IA No.…

- **Court:** NCLT
- **Order date:** 7 Mar 2023
- **Citation:** TCN-2023-NCLT-04286
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jaypee-infratech-limited-ia-no-1429-pb-2020-ia-no-3311-pb-2022-in-company-petiti-96cf6303

## Summary

### Background

The document pertains to two Interlocutory Applications (IAs), IA No. 1429/PB/2020 and IA No. 3311/PB/2022, filed in the context of Company Petition No. (IB)-77(ALD)/2017, related to the insolvency resolution of Jaypee Infratech Limited (JIL). IA 1429/2020 was filed by Ms. Chitralee Goswami, representing aggrieved KNG2 flat buyers, seeking orders to ensure the continuation of delay compensation adjustments, facilitate flat registration, and secure funds for completing the project. IA 3311/2022 was filed by Mr. Indranil Chaterjee, seeking directions for the issuance of a fresh Offer of Possession Letter and quashing of unlawful charges related to his apartment. The Adjudicating Authority is considering these IAs separately from the Resolution Plan.

## Facts

IDBI Bank Limited initiated a corporate insolvency resolution process against Jaypee Infratech Limited (JIL) under the Insolvency and Bankruptcy Code (IBC). Ms. Chitralee Goswami, representing aggrieved KNG2 flat buyers, filed IA No. 1429/PB/2020 seeking orders to ensure the continuation of delay compensation adjustments, facilitate flat registration, and secure funds for completing the project. The flat buyers are concerned about the money deposited in the past 10 years with JIL/JAL/Jaypee and want assurance that it will not be lost. They also seek completion of the scope of work in their flats. Mr. Indranil Chaterjee filed IA No. 3311/PB/2022 seeking directions for the issuance of a fresh Offer of Possession Letter for his apartment in Group Housing Project, Aman,

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## Issues and analysis

### Issue 1: Whether the reliefs sought in IA No. 1429/PB/2020, filed by Ms. Chitralee Goswami on behalf of …

**Ratio:** The ratio is based on the principle that the approved Resolution Plan should address the

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**Reasoning:** The court reasoned that the Resolution Plan, once approved, should provide a mechanism to

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**Interpretation:** The interpretation is that the approved Resolution Plan must be implemented in

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**Application:** The court applied this ratio by directing the Suraksha Realty Limited

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## Parties

- **Judges:** Ramalingam…; SHRI. L. N.…
- **Appellants:** IDBI Bank L…
- **Respondents:** Jaypee Infratech…

## Timeline

- **2017-01-01 — Company Petiti…**: Company Petition No.…
- **2020-01-01 — IA No. 1429/PB/2020…**: IA No. 1429/PB/2020 filed…

## 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)

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