# In the matter of Anuj Jain Interim Resolution Professional for Jaypee Infratech Limited Vs. Axis Bank Limited  Civil Appeal No(s). 8512-8527-2019 and others

> SC judgment dated 2019-12-10. Citation: TCN-2019-SC-00004. The appeals before the Supreme Court challenge the decision of the National Company Law Appellate…

- **Court:** SC
- **Order date:** 10 Dec 2019
- **Citation:** TCN-2019-SC-00004
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/anuj-jain-interim-resolution-professional-for-jaypee-infratech-limited-vs-axis-b-e606faa1

## Summary

### Background

The appeals before the Supreme Court challenge the decision of the National Company Law Appellate Tribunal (NCLAT), which had allowed appeals filed by lender-banks of Jayprakash Associates Limited (JAL) claiming to be financial creditors of Jaypee Infratech Limited (JIL). The National Company Law Tribunal (NCLT) had initially rejected this claim. The Supreme Court is considering whether the lender-banks of JAL can be regarded as financial creditors of JIL.

## Facts

Jayprakash Associates Limited (JAL) lender-banks filed appeals before the National Company Law Appellate Tribunal (NCLAT) claiming to be financial creditors of Jaypee Infratech Limited (JIL). The National Company Law Tribunal (NCLT) had rejected this claim. The NCLAT allowed the appeals, leading to the current challenge before the Supreme Court. The Supreme Court heard arguments and expressed a preliminary view that the lender-banks of JAL cannot be considered financial creditors of JIL. The court stayed the NCLAT's order to prevent confusion in the revival process of JIL and the constitution of its Committee of Creditors (CoC). The core factual dispute revolves around the financial relationship between JAL's lender-banks and JIL, and whether this relationship

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## Issues and analysis

### Issue 1: Whether the lender-banks of Jayprakash Associates Limited (JAL) can be regarded as financial …

**Ratio:** The legal principle revolves around the definition of 'financial creditor' under the

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**Reasoning:** The court's reasoning is based on a preliminary assessment that the lender-banks of JAL

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**Interpretation:** The interpretation of 'financial creditor' is central to this issue. The court

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**Application:** In applying this ratio and reasoning to the facts, the court is examining the

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## Parties

- **Judges:** A.M. KHAN…; DINESH MAHE…
- **Appellants:** Anuj…
- **Respondents:** Jaypee Infratech…; Axis Bank L…

## Timeline

- **2019-10-12 — Hearing…**: The matters were called…
- **2019-11-28 — Conclusion of…**: Arguments in Civil Appeal @ Diary…

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