JAIPRAKASH ASSOCIATES LTD. Vs. IDBI BANK LTD.

JUDGEMENT

(1.) Permission to file the appeal is granted in Diary No.27229/2019.

(2.) These appeals emanate from the Corporate Insolvency Resolution Process ('CIRP' for short) concerning Jaypee Infratech Ltd. ('JIL' for short) wherein the National Company Law Appellate Tribunal, New Delhi ('NCLAT' for short) disposed of Company Appeal (AT)(INS) No.536 of 2019 and Company Appeal (AT)(INS) No.708 of 2019 and applications therein by a common judgment and order dated 30th July, 2019. By this judgment, the NCLAT granted relief as sought for by the IDBI Bank to exclude period from 17th September, 2018 till 4th June, 2019 for the purpose of counting 270 days Corporate Resolution Process period and issued consequential directions.

(3.) Shorn of unnecessary details, the IDBI Bank had filed an application being CP No. (I & B) 77/ALD/2017 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short, 'the I & B Code') against JIL before the National Company Law Tribunal, Allahabad ('NCLT' for short), as the JIL had turned NPA (Non-Performing Asset). During the pendency of the said application, writ petitions were filed in this Court by the home buyers concerning the stated project of JIL, which came to be disposed of on 9th August, 2018 in the case of Chitra Sharma & Ors. vs. Union of India & Ors., 2018 9 Scale 490. This Court issued the following directions :-