# In the matter of Jaypee Infratech Limited IA No. 3481-PB-2017 in Company Petition No. (IB)-77(ALD)-2017

> NCLT judgment dated 2023-03-07. Citation: TCN-2023-NCLT-04287. This case involves an application (IA No. 3481/PB/2021) filed by Suraksha Realty Limited and…

- **Court:** NCLT
- **Order date:** 7 Mar 2023
- **Citation:** TCN-2023-NCLT-04287
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jaypee-infratech-limited-ia-no-3481-pb-2017-in-company-petition-no-ib-77ald-2017-f776911c

## Summary

### Background

This case involves an application (IA No. 3481/PB/2021) filed by Suraksha Realty Limited and Lakshdeep Investments and Finance Private Limited, the Successful Resolution Applicants (SRA), seeking intervention in IA-2593 of 2021, which concerns the reconciliation process related to the distribution of Rs. 750 Crore deposited in the Registry of NCLT, Allahabad Bench. This reconciliation process is taking place between Jaypee Infratech Limited (JIL/Corporate Debtor) and Jaiprakash Associates Limited (JAL) as per the directions of the Supreme Court in the Jaypee Kensington Case. The SRA's resolution plan has been approved by the Committee of Creditors (CoC), but is pending adjudication before the Adjudicating Authority.

## Facts

1. Suraksha Realty Limited and Lakshdeep Investments and Finance Private Limited are the Successful Resolution Applicants (SRAs) for Jaypee Infratech Limited (JIL).
2. The SRAs filed an application (IA No. 3481/PB/2021) seeking intervention in IA-2593 of 2021, which concerns the reconciliation process related to the distribution of Rs. 750 Crore.
3. The reconciliation process is taking place between JIL and Jaiprakash Associates Limited (JAL) as per the directions of the Supreme Court in the Jaypee Kensington Case.
4. The SRAs' resolution plan has been approved by the Committee of Creditors (CoC) with a 98.66% voting share, but is pending adjudication before the Adjudicating Authority.
5. The SRAs argue that they are necessary parties to the reconciliation process because

…

## Issues and analysis

### Issue 1: Whether the Successful Resolution Applicants (SRAs) should be allowed to intervene in the …

**Ratio:** The Supreme Court in the Jaypee Kensington Case has specified that the reconciliation

…

**Reasoning:** The Adjudicating Authority reasoned that allowing the SRAs to intervene would necessitate

…

**Interpretation:** The Supreme Court's directions in the Jaypee Kensington Case are interpreted to

…

**Application:** The ratio and reasoning are applied to the specific facts of the case by

…

## Parties

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

## Timeline

- **2021-01-01 — Filing of IA-2593 of…**: IA-2593 of 2021 is filed, concerning the reconciliation process related to the…
- **2021-06-23 — Approval of Resolution…**: The resolution plan submitted by Suraksha Realty Limited and Lakshdeep Investments and…

## 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-division-bench-court-i-chenn/jaypee-infratech-limited-ia-no-3481-pb-2017-in-company-petition-no-ib-77ald-2017-f776911c