# In the matter of Jaypee Infratech Ltd. (IB)-77-ALD-2017

> NCLT judgment dated 2 Sept 2022. Citation: TCN-2022-NCLT-01178. The case involves multiple applications (IA-2836/2021, IA-3033/2022, IA-3311/2022,…

- **Court:** NCLT
- **Order date:** 2 Sept 2022
- **Citation:** TCN-2022-NCLT-01178
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/jaypee-infratech-ltd-ib-77-ald-2017-6b92080a

## Summary

### Background

The case involves multiple applications (IA-2836/2021, IA-3033/2022, IA-3311/2022, IA-2521/2022, IA-631/2022, IA-3306/2021, IA-3457/2021, IA-4858/2021, IA-2593/2021, IA-3481/2021) before the National Company Law Tribunal (NCLT), New Delhi, Principal Bench. These applications are filed under various sections of the Insolvency and Bankruptcy Code (IBC), 2016, and NCLT Rules, 2016. The primary matter concerns Jaypee Infratech Limited, with IDBI Bank as the initial applicant/petitioner. Several parties, including Suraksha Realty Limited, Lakshdeep Investments, Yamuna Expressway Industrial Development Authority, ICICI Bank, Bank of Baroda, and individual homebuyers, are involved as applicants or respondents in the different IAs. The case is listed as per the directions of

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## Facts

IDBI Bank initiated insolvency proceedings against Jaypee Infratech Ltd. Several Interlocutory Applications (IAs) have been filed under the IBC, 2016 and NCLT Rules, 2016. Key parties involved include Jaypee Infratech Limited (Corporate Debtor), IDBI Bank (Original Applicant), Suraksha Realty Limited, Lakshdeep Investments, Yamuna Expressway Industrial Development Authority, ICICI Bank, Bank of Baroda, and individual homebuyers. Mr. Anuj Jain is the IRP for Jaypee Infratech Limited. Jaypee Associates Limited has raised objections to the resolution plan. Certain homebuyers have filed IA 1429/2020, which was initially not heard due to a lack of notice. The case is being heard under the directions of the Supreme Court. Homebuyers have also filed petitions before the

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## Issues and analysis

### Issue 1: Whether the objections raised by M/s Jaypee Associates Limited against the resolution plan are …

**Ratio:** The ratio is based on the provisions of the IBC, 2016, regarding the approval of

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**Reasoning:** The court heard Mr. Krishnan Venugopal, representing M/s Jaypee Associates Limited, on

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**Interpretation:** The interpretation involves understanding the scope of the NCLT's power to

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**Application:** The application involves assessing whether the objections raised by Jaypee

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## Parties

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

## Timeline

- **2017-01-01 — Case Fil…**: The case (IB)-77/ALD/2017…
- **2021-01-01 — IA-2836(PB)/20…**: IA-2836(PB)/2021 was filed under Section 30(6) r/w Section 31 and 60 (5) of IBC, 2016 r/w…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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