{"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 v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SC closes home buyers\u2019 pleas after Jaypee Infratech\u2019s resolution applicant Suraksha offers allotment of homes | SCC 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for Homebuyers] NCLT approves resolution plan of Suraksha Realty in Jaypee Infratech case","author":"Ridhi","date":"March 10, 2023","format":false,"excerpt":"The National Company Law Tribunal (Delhi Bench) passed orders in favour of aggrieved homebuyers ordering JAL\/JIL\/Jaypee\/RP to continue with adjusting the delay compensation.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-685.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-685.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-685.png?resize=525%2C300&ssl=1 1.5x, 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may disapprove the resolution plan approved by the Committee of Creditors but cannot modify it: Supreme Court","author":"Prachi Bhardwaj","date":"March 24, 2021","format":false,"excerpt":"Supreme Court: In an important ruling relating to the corporate insolvency resolution process concerning the corporate debtor, Jaypee Infratech Limited, the 3-judge bench of AM Khanwilkar, Dinesh Maheshwari* and Sanjiv Khanna, JJ has granted further 45 days for submission of the modified\/fresh resolution plans by the resolution applicants, for their\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-2-7.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-2-7.jpg?resize=350%2C200&ssl=1 1x, 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Guarantor has not invoked the Corporate Guarantee before the initiation of Corporate Insolvency Resolution Process (hereinafter\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":226312,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/28\/lending-banks-of-jaypraksah-associates-not-financial-creditors-sc-directs-return-of-mortgaged-land-to-jil\/","url_meta":{"origin":330146,"position":4},"title":"Lending Banks of Jaypraksah Associates not \u2018financial creditors\u2019; SC directs return of mortgaged land to JIL","author":"Prachi Bhardwaj","date":"February 28, 2020","format":false,"excerpt":"Supreme Court: The bench of AM Khanwilkar and Dinesh Maheshwari, JJ has restored the NCLT order wherein it was held that the lenders of Jaiprakash Associates Limited (JAL) were not the financial creditors of the corporate debtor Jaypee Infratech Limited (JIL) and that the transactions in question were to defraud\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":217692,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/05\/nclat-relief-for-consortium-of-banks-which-extended-loans-to-jaiprakash-associates-nclt-order-cancelling-mortgage-of-858-acres-of-land-by-jil-in-favour-of-banks-quashed\/","url_meta":{"origin":330146,"position":5},"title":"NCLAT | Relief for Consortium of Banks which extended loans to Jaiprakash Associates, NCLT order cancelling mortgage of 858 acres of land by JIL in favour of Banks quashed","author":"Bhumika Indulia","date":"August 5, 2019","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT):\u00a0A 2-Member Bench of Justice S.J. Mukhopadhaya (Chairperson) and Justice Bansi Lal Bhat, Member (Judicial), set aside the order of National Company Law Tribunal (Allahabad), whereby it had cancelled the mortgage of 858 acres of land worth around Rs 5900 crores made by Jaypee Infratech\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/330146","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67517"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=330146"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/330146\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/330150"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=330146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=330146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=330146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}