{"id":330146,"date":"2024-09-05T17:30:36","date_gmt":"2024-09-05T12:00:36","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=330146"},"modified":"2024-09-05T17:28:27","modified_gmt":"2024-09-05T11:58:27","slug":"sc-closes-home-buyers-pleas-jaypee-infratech-resolution-applicant-suraksha-offers-allotment-homes","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/09\/05\/sc-closes-home-buyers-pleas-jaypee-infratech-resolution-applicant-suraksha-offers-allotment-homes\/","title":{"rendered":"[Jaypee Infratech Resolution Plan] SC closes home buyers\u2019 pleas after Suraksha Realty offers for allotment of homes or refund"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">Supreme Court:<\/span> In a civil appeal in respect of denial of homebuyer&#8217;s right over the flat in &#8216;KOSMOS society&#8217;, to be developed by Corporate Debtor- Jaypee Infratech Ltd. (JIL), the Division Bench comprising of Sanjiv Khanna and Sanjay Kumar, JJ. disposed of appeals along with applications for impleadment, and other pending applications after noting Suraksha Realty Limited&#8217;s (resolution applicant) submission, that it re-examined the matter and the home buyers, about 538, who paid more than 80% of the demand, will be given the option for allotment of the flat\/home within 30 days, in which event, the said home buyers will be treated on par with other claimants\/home buyers. Further, in case any home buyer seeks refund of the amount as per the plan, the refund will be issued regardless of whether the claim was made or not.<\/p>\n<p style=\"margin-bottom: 3%;\">The Court clarified that the present appellant, and other home buyers, who paid 80% or more of the demand, may simply write a letter to the resolution applicant, Suraksha Realty Limited, indicating the option exercised by them.<\/p>\n<p style=\"margin-bottom: 3%;\">Homebuyers booked flats in &#8216;KOSMOS society&#8217;, to be developed by Corporate Debtor- JIL. The JIL went into Corporate Insolvency Resolution Process (&#8216;CIRP&#8217;) under <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002802178\" target=\"_blank\" rel=\"noopener\">Insolvency and Bankruptcy Code, 2016<\/a> (&#8216;IBC&#8217;). The Insolvency and Bankruptcy Board of India (&#8216;IBBI&#8217;) vide order dated 22-08-2017 advised to incorporate and consider the claims of the homebuyers from the records of JIL, who did not file the claim form. Acting upon the said advice of IBBI and for the information of homebuyers, IRP incorporated flats of such homebuyers (including appellant) as liabilities in the information memorandum and mentioned that there was no separate requirement of any claim to be submitted by the appellant. Accordingly, the resolution plan was floated while considering and factoring in all liabilities.<\/p>\n<p><!--\n\n<p style=\"margin-bottom: 3%;\">[<span style=\"font-weight: bold; color: #632423;\">Ayush Agarwal v. Jaypee Infratech Ltd., Civil Appeal No. 5185 of 2024, decided on: 02-09-2024<\/span>]<\/p>\n\n\n\n\n<hr\/>\n\n\n\n\n<p>Advocates who appeared in this case:<\/p>\n\n\n\n\n<p style=\"margin-left: 18pt;\"><span style=\"font-weight: bold;\">For the petitioner:<\/span> Sr. Adv. Archana Pathak Dave, AOR, Tushar Jain, Adv. Mukesh Kumar, Adv. Vaibhav Chowdhary, Adv. Sumant Batra, Adv. Sanjay Bhati, AOR Rabin Mazumdar, Adv. Sarthak Bhandari, Adv. Nidhi Yadav; Anshuman Sharma, Adv.; Sriharsh Nahush Bundela, AOR<\/p>\n\n\n\n\n<p style=\"margin-left: 18pt;\"><span style=\"font-weight: bold;\">For the respondent:<\/span> Sr. Adv. Mukul Rohatgi, Adv. Mahesh Agarwal, Adv. Rishi Agrawala, Adv. Geetika Sharma, Adv. Sagar Bansal, AOR E. C. Agrawala<\/p>\n\n\n\n\n<p style=\"margin-left: 18pt;\">Rabin Mazumdar, Adv.; Sumant Batra, Adv.; Nidhi Yadav, Adv.; Sanjay Bhatt, Adv.; Sarthak Bhandari, Adv.; Prateek Mishra, AOR; Arun Sidhant, Adv.; Rajesh Rai, Adv.; Karunakar Mahalik, AOR; Manoranjan Mishra, Adv.; Rohan Rai, Adv.; Monika, Adv.; Saloni Sharan, Adv.; Ashok Sharma, Adv.; Sarbendra Kumar, Adv.<\/p>\n\n--><\/p>\n<div style=\"text-overflow: ellipsis; background-color: #92A8D1; text-align:justify; clear:both; text-size-adjust: auto; overflow: auto;\">\n<p style=\"font-size: 18pt; margin-top: 5px; text-align: center;\">CASE DETAILS<\/p>\n<table width=\"100%\" style=\"word-wrap: break-word; border-collapse:collapse; table-layout: fixed; margin-top: 10px;\">\n<colgroup>\n<col width=\"41%\"\/>\n<col width=\"59%\"\/>\n<\/colgroup>\n<tbody>\n<tr>\n<td valign=\"top\">\n<p><span style=\"color: #D4E4F7; font-weight: bold;\">Citation:<\/span><br \/> <span style=\"color: #D4E4F7; font-size: 10pt;\"><a href=\"\" target=\"_blank\" rel=\"noopener\">Civil Appeal No. 5185 of 2024<\/a><\/span><\/p>\n<p><span style=\"color: #D4E4F7; font-weight: bold;\">Appellants&#160;:<\/span><br \/> Ayush Agarwal<\/p>\n<p><span style=\"color: #D4E4F7; font-weight: bold;\">Respondents&#160;:<\/span><br \/> Jaypee Infratech Ltd.<\/p>\n<\/td>\n<td valign=\"top\">\n<p style=\"color: #D4E4F7; font-weight: bold;\">Advocates who appeared in this case<\/p>\n<p><span style=\"color: #D4E4F7; font-weight: bold;\">For Petitioner(s):<\/span><br \/> Sr. Adv. Archana Pathak Dave, AOR, Tushar Jain, Adv. Mukesh Kumar, Adv. Vaibhav Chowdhary, Adv. Sumant Batra, Adv. Sanjay Bhati, AOR Rabin Mazumdar, Adv. Sarthak Bhandari, Adv. Nidhi Yadav; Anshuman Sharma, Adv.; Sriharsh Nahush Bundela, AOR<\/p>\n<p><span style=\"color: #D4E4F7; font-weight: bold;\">For Respondent(s):<\/span><br \/> Sr. Adv. Mukul Rohatgi, Adv. Mahesh Agarwal, Adv. Rishi Agrawala, Adv. Geetika Sharma, Adv. Sagar Bansal, AOR E. C. Agrawala <\/p>\n<p>Rabin Mazumdar, Adv.; Sumant Batra, Adv.; Nidhi Yadav, Adv.; Sanjay Bhatt, Adv.; Sarthak Bhandari, Adv.; Prateek Mishra, AOR; Arun Sidhant, Adv.; Rajesh Rai, Adv.; Karunakar Mahalik, AOR; Manoranjan Mishra, Adv.; Rohan Rai, Adv.; Monika, Adv.; Saloni Sharan, Adv.; Ashok Sharma, Adv.; Sarbendra Kumar, Adv.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"font-size: 12pt; margin-top: -20px; margin-left: 5px;\"><span style=\"color: #D4E4F7; font-weight: bold;\">CORAM&#160;:<\/span><\/p>\n<div id=\"banner\" style=\"overflow: hidden; display: flex; justify-content: space-between; padding-left: 3%;\">\n<div class=\"\" style=\"max-width: 100%; max-height: 100%; font-size: 9pt; text-align: center;\">\n<p><img decoding=\"async\" height=\"100px\" width=\"100px\" src=\"https:\/\/www.scobserver.in\/wp-content\/uploads\/2021\/09\/16.-Sanjiv_Khanna-modified.png\" alt=\"Sanjiv Khanna, J.\" style=\"border-radius: 50%;\"><br \/>Sanjiv Khanna, J.<\/img><\/p>\n<\/div>\n<div class=\"\" style=\"max-width: 100%; max-height: 100%; font-size: 9pt; text-align: center;\">\n<p><img decoding=\"async\" height=\"100px\" width=\"100px\" src=\"https:\/\/www.scobserver.in\/wp-content\/uploads\/2023\/02\/imageedit_23_3598949402-1.jpg\" alt=\"Sanjay Kumar, J.\" style=\"border-radius: 50%;\"><br \/><span style=\"color: black !important;\">Sanjay Kumar, J.<\/span><\/img><\/p>\n<\/div>\n<div class=\"\" style=\"max-width: 100%; max-height: 100%;\"><\/div>\n<div class=\"\" style=\"max-width: 100%; max-height: 100%;\"><\/div>\n<div class=\"\" style=\"max-width: 100%; max-height: 100%;\"><\/div>\n<div class=\"\" style=\"max-width: 100%; max-height: 100%;\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">About 538 home buyers, who paid more than 80% of the demand, will be given this option for allotment of the flat, in which event, the said home buyers will be treated on par with other home buyers.<\/p>\n","protected":false},"author":67517,"featured_media":330150,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,9],"tags":[43781,30596,22814,42845,44583,36925,30228,5363,72826],"class_list":["post-330146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-supremecourt","tag-cirp","tag-corporate-debtor","tag-corporate-insolvency-resolution-process","tag-homebuyer","tag-insolvency-and-bankruptcy","tag-jaypee-infratech","tag-resolution-plan","tag-supreme-court","tag-suraksha-realty-limited"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SC closes home buyers\u2019 pleas after Jaypee Infratech\u2019s resolution applicant Suraksha offers allotment of homes 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