# Arvind Verma & Ors. vs. Bhuvan Madan, Resolution Professional of Jaiprakash Associate Limited & Anr.

> NCLT judgment dated 17 Mar 2026. Citation: TCN-2026-NCLT-00304. The Applicants, who are homebuyers/allottees of residential apartments in the 'Knight's Court'…

- **Court:** NCLT
- **Order date:** 17 Mar 2026
- **Citation:** TCN-2026-NCLT-00304
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/arvind-verma-ors-vs-bhuvan-madan-resolution-professional-of-jaiprakash-associate-wljva

## Summary

### Background

The Applicants, who are homebuyers/allottees of residential apartments in the 'Knight's Court' project developed by Jaiprakash Associates Limited (Corporate Debtor), filed an application under Section 60(5) of the IBC. The Corporate Debtor failed to deliver possession within the stipulated 36 months as per Provisional Allotment Letters issued in 2010. Despite registering the project with UPRERA and declaring a completion date of June 30, 2019 (with extensions), the project remained incomplete. UPRERA had directed the Corporate Debtor to hand over possession and pay delay compensation. Appeals by the Corporate Debtor were dismissed. Subsequently, a Legal Rights Protection Letter and Conciliation Agreement were executed between an association of allottees and the

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## Facts

The Applicants are homebuyers/allottees of residential apartments in the 'Knight's Court' project developed by Jaiprakash Associates Limited (JAL), the Corporate Debtor.

Provisional Allotment Letters (PALs) issued in 2010 promised possession within 36 months, but JAL failed to deliver.

The project was registered with UPRERA, with a declared completion date of 30.06.2019 (with permissible extension), but remained incomplete.

UPRERA, vide order dated 06.09.2019, directed JAL to hand over possession and pay delay compensation at MCLR + 1%.

JAL's appeals against UPRERA orders were dismissed by the UP Real Estate Appellate Tribunal (UPREAT) due to non-compliance with statutory pre-deposit requirements.

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## Issues and analysis

### Issue 1: Whether the Process Note issued by the RP for handling over possession is illegal, arbitrary, and …

**Ratio:** Once applicants have acted upon a Process Note by taking possession and executing

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**Reasoning:** The record reflects that the Applicants have already taken possession of their respective

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**Interpretation:** The NCLT interprets the Applicants' actions of accepting possession and

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**Application:** Given that the Applicants physically accepted possession of their units and

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## Parties

- **Judges:** Sh. Praveen Gupta…; Sh. Ashish Verma…
- **Appellants:** Arvind…; Sheetal…; +4 more
- **Respondents:** Jaiprakash…; Bhuvan…; +1 more
- **Other parties:** Corporate…; Insolvency and…; +9 more

## Timeline

- **2010 — Project Launch and…**: The Corporate Debtor launched the residential project, and Applicants were allotted…
- **2010 — Possession T…**: Provisional Allotment Letters (PALs) issued in 2010 stipulated possession within 36…

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