JAYPEE INFR. TECHjaypeeinfratech.com/communications/2018_12_11_Orders_of...JAYPEE INFR. TECH...

Ref: JIL:SEC:2018

National Stock Exchange of India Ltd. "Exchange Plaza", C-1, Block G, Bandra-KurlaComplex, Bandra (E), Mumbai . 400 051 SCRIP CODE: JPINFRATEC

BSE Limited

JAYPEE INFR. TECH

December 11, 2018

25th Roar, New Trading Ring, Rotunda Building, P.J. Towers, Dalal Street, Fort, Mumbai· 400 001 SCRIP CODE : 533207

Sub: Disclosures under Corporate Insolvency Resolution Process pursuant to Regulation ~ of LODR read with Schedule III, Part A, Clause A, sub·dause 16(1) thereof.

Dear Sirs,

Pursuant to above mentioned subject and the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose:-

1. Copy of order daled 10·12·2018 of Hon'ble NCL T wherein il has held Ihal 9h Augusl, 2017 ""II be the cut-off date for calculating the quantum of claim amounts for all types and classes of creditors

2. Copy of order dated 10-12-2018 of Hon'ble NCLT, wherein it has directed the lUldersigned to publish the list of creditors containing the names of the creditors along with the amount claimed bv them, the amount of their claims admitted and the security interest, if any, on the website of the Company.

3. Three lists uploaded on the VoJebsite of the Company in compliance of the directions in the Order mentioned in para 2 above, i.e. the lists of:-i) Active home-buyers (excluding offer of possession cases); ii) Active home-buyers (offer of possession cases); and iii) Inactive home-buyersl cancel units.

You are requested to take on record the above referred tVIrQ orders and three lists attached with this letter.

Thanking you,

Yours faithfully, For JAYPEE INFRATECH UMITED (Company under Corporate Insolvency Resolution Process)

(Anuj Jain) Interim Resolution Professional IP Registration nO.IBBI/IPA.Q01/Ip·P00142/2017·18/10306 (Jaypee Infratech Limited is under Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016. Its affairs, business and assets are being managed by the Interim Resolution Professional, Mr. Anuj Jain, appointed by the National Company Law Tribunal by order dated 9th August, 2017 under the provisions of the Code read with order dated 09.08.2018 passed by Hon'ble Supreme Court in Wril Pelilion (Civil) NO.7 4412017).

&'YPEE .... OROll' --

JAYPEE INFRATECH LIMITED Regd. Office : $ector-12B, Nolda-201304 , Uttar Pradesh (India )

Ph. : +91 (120) 4609000,2470800 Fax : +91 (120) 4609464 E-Mail : [email protected] Website : www.jaypeelnfratech.com tIN : l45203UP2007PlC033119

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IN T I-IE NATIONAL COMI'ANY LA \V TI~IHUNA L ALLA UAUA D BENDI

1/\ NO.2 17!2018

I. IDBI BANK LIl\'1ITEU, IUIlI TOWERS,

'" Com on"" Pctition No.n H)77/A Limo 17 (Under Sectio1l 60(5) of /J1~'QII'el/9' (/1/(/ BllllkrllfJfQ' Code, 1016 read wirh NatiQl/al COll/plmy LaIV TriliwlIl/ Rules, 21J16)

7T11 FLOOR. WTC CO;VIPl.£X CUFFE PARADE, i\1"UI\1BAI- 400 005

2. INDIA I NFRASTI~UCTURE FINANCE COM PANY L1J\1rnm 8111 FLOOR, III NDUSTAN TIMES BUILDING KASTU RllA CANDH (MARC NEW DELHI - II O 001

3. STATE BANK OF INI)JA STR£SSE D ASSETS MANAC E!\mNT BRANC II-II ARYA 5;\MA,1 ROAD NEW OELI-II - 110 005

4. BANK OF M A HARAS HTRA 11-29 CONNAUG II T I'LA CE NEW OELIII- [1 000 1

5. ICICI BANKU i\'lITEI)

6.

7.

,.

ICiCI IJf\ NK TOWERS IJANDRA KURLA COM PL I~ :X 1\'1 U1\'1 RAI - 400 051

UNION BAN K OF INDIA (I'll 1ST I-LOUR UN ION BANK OHAWAN 239. VWI-IAN UIIAWAN MARC NARIM1\ N l'OI NT M U]\'lIJA I - "00 02 1

A,X IS HANK AX IS I-lOUSE SECTOR- 128, W ISH TOWN NOIllA - 201304

IFCI L1MJTEI) I"fICI TOWER 61. NEUHU PLACE Nf,WI>ELlII - II OU I9

-5~ - .•.......... FINANCIAL cn IW ITORS/A I'I'L1CANTS

-c.of--_ P~~e I of 11

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VERSUS I. MR. ANU.I J AIN

INTERI.M RESOLUTION PROFESSIONAL JA VI'U: INFRATECH LlNUT[n & DRS. SECTOR 128, GAUTAM I3U])H NAGAR NOmA - 201304

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2. JAYPEE GREENS Klu~SCElYr UOME BUYERS WELFARE ASSOC IATION JI .N0.44 IJ, LA WR I':NCE IWAn I'KT. C-'6. K I~SHAV I'UHAM, NEW DELHI - II O 0035

J. JA YPEE KASA ISLES WELFARE ASSOCIATI ON FLAT NO.164, PLOT NO.56, AMRA/'AU CG II S, I ND llA PRAST IIA EXT. NEW OEUII- I iO 035

4. JAY PEE K[NCSINGTON IJOULE VA RL> AI'ARTMENTS WELFARE ASSOCIAT ION 93 11, POCKET - 6, M/\ YUR VIllAR, 1'1 1- 3, NEW DELli ! - 110096

5. GARDEN ISLES WELFARE ASSOClATION A-61, SECTOR 330, NOIDA GAUTA1'I'1 I3UUIi NAGA I~ , UTTAR PRADESI-I - 2U1 30,1

6. JA "PEE KLASSI C APARTMENT W[HARE ASSOCIATION 5/22, IJAI~SATI SARV PRJ YA VHIAI~ NEW DELHI - II O 017

7. JA )'VEE KOSJ\'IOS APARTMENTS WELFARE ASSOC IATION ,\ - 337/338, nURGA VUI AR, NEW nELl-II - 11 0062

8. JA "PEE KUHE HUYERS WELFARE ASSOCl t\TION L-65, SF, sm NIWAS PUR l , NEWDEUII - II0065

9. W IS H TOWN PROPERTY OWNERS WELFARE ASSOC IATION A-7, TF, GANGOTIU VIKASI'URJ, NI

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ORnER I) ELIVEREIl ON 10.12.2018

COI~AM : l:Ion. Mr. Bikki RavcenJr:1 Babu, Mcmhcr (Judicial) Fl oll. Ms. Saroj Rajwa re, Member (Technic;ll ) • •

For th e IIJOI Hank/Applicants : Sh. Bishwajit Dubey, A {.h', Along with Ms. Ruchi Clwudh ary, Sh. AditYll Mllnl'uh & Sh. Rahul Agarw:ll, Advocates .

For tllI,' lIome BlIycl's/Rcs pond cnt ~ : S II . Anand G rover, S r. Adl'. Along with Sh. Ami! 1''lishr:I, Sh. Shi vam Pandey. Sil. S:nnyak Gangwal & S h. Vash Tandon, AdVocat es.

For til l." IRJ'lHcspondents : Sh. Sanjay ohatt aiol1g wjth Ms. Janhvi Bhasin , At.I\'ocatc.~ .

)'[R S[ : 1:1011. Mr. IJikki I~avct'ndra Habn , Member (Judicial).

I. Eight Financial Creditors who arc the members 01" COC filed Ihis application

LJls 60(5) of r nsolvency find Banknlplcy Codc, 2016 to declare Ih[ll 91h August.

2018, Ihe (\:l Ie of order of Han 'ble Supreme Court of India in Writ Petit ion

(Civil) No.744 0[20 17, Chilm Sharma (~orS. l'I.v UniOiI ofllldia & ors. as the

insolvency commencement date • m the proceedings of C1'

NO.(J (3 )771 ALD/20 17 .

2. During the pendency o r this application, respondent no.2 tel 10 (herein Horne

13uyers Associlltions) Iilcd CA No.263/20 18 to implead them liS parties and the

said application is allowed by this Authority on 2nJ November. 2018.

3. lOBI 13l1nk Limited (applicant no.l herein) ftled C P NO.(1B)77/ALD!201 7

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with a request \0 trigger Corporate Insolvency Resolution Process (C IRP) in

respect of Jaypee lnfralecb Limited OIL). The said peti tion was lIdmittcd by

this Court on 09.08.2017 for the purpose of commencement of CI RI' in respect

ofJ I!..

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4. ]-!oml: buyers filed Writ Petition (Civil) No.744 of 2017 before the lIon'bJc

Supreme Court of India in the case of Chitta Sharma & 0/"5. 1'1.\' UniOIl of India

& ors. under Article 32 of the Constitution of India. The Han'blt Supreme . . . Coun of India in its lim\] order dated 09.08.20 IS in the cuse of Chirm Sharma

& ors. \'/J' Unioll of India & onr. directed intera/i(l rc-commCIKcmcnl of the

CIRP of the J I L from the date of its order. The relevant paragraphs of the said

order are reproduced herein below:-

"HaI'ing regard 10 the malerial change which ha.~ been bro/lghr (Iboll/ by the amendmeJlf of the !Be by Ihe Ordinance alld rhe fOCI thai Ihi~' Cour' has been in seisin of The proceedillgs fa ensllre fhal {he home buyers ore prorected, we are of Ihe view {hat it is but appropriate alld to do comp/!:tr! justice to secure the interests of all cQllcel'lled that the CIRP shollld be rel'ived alld cae recollstilllted as per Ihe amended prQvi.l·irm,l' to illelude the home buyers, III the facts of rhe present ca..l'e, /"ecOllrse to the power /lnder Article 14lwou/d be warranted to render complete jllstice. Parliament has undoubtedly provided a period of 180 days and all e.wendcd period of 90 days to complere the process. RlIt ill the presell/ case a pe~·uliar situation has (Irisen as a reS1l11 of which the statllS of the home buyers w/rich had 1I0t bcen recognised prior to 6 .lillie 1018 ',a.y 11011' beell expressly rccoglli,lCd as a ,·esilit of the all/ending Ordinance, Learned cOlillsel for the IRP s1Ibmittcd Ihat in the COC which will be recon.ltitllted IInder the amended IBC, Ihe home bllyers would hal'e a Sllbstalltial voting power so ('IS 10 he able to effeclively p rotcet their Interesl.I·. Moreover, this COl/rI ,1·hOl/ld follow the di~'ciplille of the IBC which has beell cnacted by "arliamel1f specifically to streamlinc Ihe resolution of corporate illsolvencies. IV/arters illvolving cOlporate in.w/wncies require expert delerminaliOIl. The legl:~/allire has made specific p rovisions which are COllceiw?d ill pllblic interest (ll1d to filer/irate good corporaTe gOV

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which have been laid down in the !Be by .mbstilllling them wilIT a lI/('challi.I'm fmder judicial directiOlls. SlIch a course of action wOllld in 0111' view nor be COf/sis/el1l with the /lccd fa ensure complete jllslice IIndcr Article /42, IInder the regime of lmv_ Hence, the power IInder Arlie/e 142 sho/l/d be IIlili.wll m tlU! pr:eSCnT siage for the fimiled purpose of recolI/mencing IIII!" resolution process afresh from rhe stage of appoil1lmel1l of INI' by the 0 1"11£'1" daled 9 A IIgllst. 20/7 ol1d resu/tamly rel1(?w the period which has heen prescribed for the completioll of flie re~'OIIl!iull process. We hal'/! Il/nIis/lI:d ob(.II'C, fire reasolls for doing so. Chicf am(J/I}.!S! {hem is rhe fOCI thar ill tile prescm case rhe period of 270 days expired before the Ordinance cOII/crring (/ sratl/wry sta/us VII home buyel·.~ as fillal/cial crediiors came illio existence. {II lIlt' circ llm.~tances. il wOllld be necessary TO rel'iw the period prescribed by the statllte by another 180 days commencing /rom Ihe date of this order, Dwing Ihis period. file IRP shall fol/o\\" the pl"Ovi~'ions of tile mc afresh i l l all respec/s. A 111'11' CDC sholild be cOllslilllled in accordance wilh the amended prol'isions of the IBe 10 ell/O/'ce the slatulQIY status 0/ the aflo/{ees as finallcitd credilors. We also clarify that apart /rom fhe three bidders whose bids 1I'erefOlllld 10 he eligible by the IRP. if would be open to the IRP to illvite/resh bids /o/aciliwlt.' a wider filed 0/ choice be/ore the CDC. /n (hal process. fhe offer.l· lIIade by Ihe interveners ill (his proceedings can also be l'Ollsidered by coe aileII'. We are not inclined to emil/ate Ihe merits a/the bid.\" submit/ed by the bidders who were left ill the fray. two of whOm I({n'e imel"l'el1ed. All bidl' 1II11.I't follow flit.' discipline of the IBC. We have. however, not accepted [he .wbmissi(J/I to allow J1L or JAL and the erstwhile promoters to participate in the process. Theil' parTicipation i"~ expressly prohibited by Sectioll 2911 alld we declinc fa make allY exception which would breach a saluftuy and C.'p'YSS provision made ill the /Be. ••

5. It is sl1l tcd by the appli(;anlS that -"ince the IRP is required to make a fn:.sh

public announcement and invite fresh proof of daims from all the creditors

treating the date of the order of Hon'ble Supreme Court daWd 09.08.2018 as

the insolvency commencement date. It means according to the applicants. lhe

CUI off date li.) r consid

,

"Provided ,hat where Ihe interim reSO/lllion professional is not appolnled in lire order udmilling application linder secti!)/1 7, 9 or 10, the ill.w/vcllc)' commencemelll date shaft be Ihe date all which slich interim resolutioll professional is appoillfN/ by rhe Adjudicating Authoriry. "

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7. It is contended by the !eamed counsel appearing for the applicant~ thatlhc /Be

do not envisage the insolvency commencement date occurring prior to the

appointment or the lRP.lt is argued that the I lon'ble Suprern~ CuuI1 of India

made it clear that the proceedings are \0 be re-commenced from the "stage of

appointment of the lRP", llnd therefore the insolvc,ncy commencement date

thal is the cut-orr dale for veri fying Ihe quantum of claims is 9'" August, 2018,

but not 9'h August, 2017.

8. [t is further stated that the representation made by the applieanls before the RP

on the above said lines has not been considered by thc IKI' . Thc following is

the lettcr ofthc applicants : ~

., (lie Ordel' empliasizes [hal [he IRP "shall fOllow the (JI"o~'isio/ls oUlle me afresh in all respecu ". It also cIII'isages eOllsliW/iOI! of a lIell" COlllmiltee of Credilors ("CoC "). A.I· (J cOl/sequence, alf the prol"i.l"iolls of/he me .I'half apply afrcsh. ineluding Ihe prollisiollS of Regula/ion 8 read witli Form C and Regula/ioll /3 of the Illsolvency and Bankruptcy Board 0/ Illdia (Insolvellcy Rcsolurion Proce$S for CO/porate Persolls) Regulatiolls. 2016. as iflhe dale oflhe Order was Ihe ordcr 0/ the Adjlldicating Allthorily unde,. S. 7(5) of the !Be. Accordingly. the claims lIeed to be invited f rom all the creditors for debl dlle 10 them as oflhe d(lle (llId CoC has to be com'/iluled accordingly. " (emphasis supplied)

9. RP gave reply dated JO.08.201 8. considering the cut·ofT date as 09.08.2017.

The reply orthe respondent is as follows:·

" The elll oJ! date for slIbmi.\".~ion 0/ claims a~' per seclioll 15 of the IBe read 'wilh regulations is the date of commencement of illso/wlley resolution p"ocess, Therefore. Ihe Cllt off lime /01' sllbmission of claims illllzis case remaillS 9 August, 2017. The NOli 'ble Supreme COIII"I hm Itot chal/ged /he COII/mcncemelll dall: alw the cUI off date, which i.l" prescribed by Sllbslanlil'c prOl'i.)'iOIlS in IIle !BC, to 9 Augus/. 2018. ,. A cop!, (J{rll e reJJ/~ dill ed Am:II.\·1 .rO, ]OJ.'{, Iw .\· bee" llIflle.wd (mil mllrked /I.~ AlllleXllre D.

Page G 01 17

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10. Ld. Counsel appcanng for Ihe applicants contended that the RP filibJ to

appreciate the order of the Hun'ble Supreme Court of Indin in proper

prospective. II is slated that home buyers became Financial Crcdilors only by.

virtue of Insolvency & Bankruptcy Code (Amendment) Ordinance. 2018

C'Ordin:lllcc"), (now the Insolvency and Bankruptcy Code (Second

Amendment Act, 2018) and therefore the Han'ble Supreme Court of India

direc ted revival and re-commencement of the CIRP, whcr~'in the creditors

should be allowed to li le fresh claims befure the LRP.

11. It is Sialed by the applicants that they have not been paid interest accruing on

their claim for the period between 09.08.2017 and 09.08.2018. [\ is also Slated

Ihm the voting sh:uc of the home buyers in the cae may have undergone

change during the period from 09.08.2017 to 09.08.2018 on accoum of

delivery of cert:lin homes to the home buyers and cancellation of homes by

certain home buyers. It is stat~'d that correct financial position of the financial

creditors vis-a-vis JlL (Corporate Debtor) cannot be ascertained unless fresh

claims are invited from all creditors taken the cut-oiT dalc as 01.09.2018,

considering Ihe change of circumstances during that period.

12. [t is further stated that this Authority vide its order dated 14.08.2018

recos.nised the fresh CIRP period comlllcm;ing from 09.08 .2018 and

accordingly passed a moratorium order efTective Irom 09.08.2018 as per lhe

provision of mc. The order dated 14.08.2018 reads as follows: ·

"Leamcd cOlillsel jor the lRP has informed fllat fhe .l'fafllS ahOIiT Ille curn:1If il/soll-ellcy proceedings alld as JX'r Ihe (iireelion of HOI/'ble SlIprcme COllrl in wrir pelilioll 110. 744/2017 illso/velle), proceeding fresh f fI(} days has been provided for complerion of eIRp willi effecf FOIII 1)'10 AlIglI~'1 2018. fl is 10 be c/(lrtfied Ihm a morarorillm orda shall be effeclil'e fill 18(1/' day Fom fhe dafe of 9''' Allgus! 2(}18. Learned cOllm.:! for Ihe 110' is direeled 10 proceed for Ihe

P .. e70117

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COII/plc/ioll of C/RP in the light of direction of HOI! 'bte Supreme Court and keeping ill cOlls/clem/iOIl of the prOl'isiollS of the Code, .,

13. It is stated thaI IRP fJiJed to appreciate that since the clRr is required to start

afresh from the date of the Order, the IRP would be required to carry oul all ils

dUlies from the inception, including inviting of fresh claims from creditors.

According to the applicants, the date uf commencement of the CIRP shall be

the date of the Order, the cut-off dme lor submission of claims ~hould also

Sland rcvi~cd to the date of OrJe-T as per the provisions of till' mc.

1-1. It is stale

would nOI be able \0 file a fresh claim before the IRP. It is also stated that

allowing this application docs not in any manner cause any prejudice to the

right of any of the p'lfties. II is also stated that. if the application is nm allowed.

it would cause serious losses 10 thc applic:lnts, who :In: public sector banks

holding public money.

15. IIU' filed reply stating Ihat Ihe reliefs praycd in the appl ication are based on

applicants' interpretation find clarification of the order dated 09.08.2018 passed

by thc Ilon'ble Supreme Court of India in Writ Periliu/1 (eil'il) /· ... 0.744 0/2017

and therefor~ the applic;lIIts should approach the Hon 'ble Suprcme Court of

, India for clarification of the ordcr,

16. [t is further ~Ialed by the IRP that the Hon 'ble Supreme Court of India in ils

order did not change the date of commencement of insolvency resolution

process of the 111., from 09.08.2017 to 09.08.2018. It is further stated by the

IRP that the Hon'ble Supreme Court of India exercised powcr,; under Article

142 of the Constitution of India for rccommencement of the resolulinn process

afresh for limited purpose. It is stated that the Hon'ble Supreme Coun or India ""

P~€e 8 Q! 17

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exercised powers under Article 141 to interfere only in respect ofU/s 12 ofLhe

1& B Code. 2016. It is the pica oflhl' ffiP that the insolvency commencement

diltc in respect of J IL has to be detcnnined on the basis of the date ofadmissioll

of insolvency appJic,l(ion as per the statutory scheme of the Code as

specifically prescrib('d in Sections 7(6), 9(6) and 10(5) of the Code.

17. It is stated lhal the J Ion 'ble Supreme Court of India has neither set a~idc the

admission of the CIRP in respect of JIL nor changed the dUll' of

commencement of insolvency resolution process nor SCI aside the appointment

of [RP.

HI. On the other hand, the I-lon'ble Supreme Court of India has directed

rccommencement of the resolution process afresh from the stage of

appointment of lRP by the order dated 09.08.20 I 7.

19. It is contended by the R]>, the slage from which the proccss has to

20.

-5d. -

recommence, is the stage of appointment of litP by the order dated 09.08.2017.

bllt nOI 09.08.2018. According to the IRP, the cut ofT date for submission of

claims as per Section 15 of the IBC read with regulations is the aate of

commencement of insolvency resolution process. Therclore, the cut-olT date

remains as 09.08.2017.

, ,p RP st:ltea that Ihis AUlhority in CA No.26120 1 ~ vide iL'> order dated 16.05.2018

~

declared certain transactions are avoidable transactions that involved mortgage

of 858 acres of land of HL U/s 43, 45 & 66 of the Code. 111(' said onler was

under challenge before the Ilon 'blc N:ltional Company Law Appellate

Tribunal. If the date of commenCCl1l(:nt of insolvency process is taken as

09.08.20 IS. those avoidable transactions will become infrucluouS lmd

• Po ge 9 01 17

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arc linked with the dutl' of insolvency commenccment and provide for a

maximum window of two years for getting the same avo ided.

21. In the event of change in insolvency commencement date, a few transnetions

which stood avoided by this Authority earlier will fallout of the maximum

period of two years fi·om 09.08.2018 as new insolvency commenccmcnt dale

and thus will escn])c avoidance causing heavy financial loss to other financia l

creditors and stakeholders of JlL. The Hon'ble SlJpreme COUJ1 of India in its

order dated 09.08.2018 has held that the avoidance order passed by this

Authori ty a~ one of the grounds for disqualification of the promoters of

Corporate Debtor under Section 29A of the Code,

22. The home buyers associations, who arc the interveners also filed reply stating

the insolvency commencement date can only be the date when the petition is

udmilted and the IRP is appointed. It is further stated that in corollary. thc

commencemcnt date can only change, if the Sect ion 7 application tiled by the

lenders were to be declared infnlctuOlls ,Uld a new ;lpplication U/~ 7 was 10 be

filed against the Corporate Debtor. learling to a fresh

Board of India (Insolvency ResolUlion Process tor Corporate Persons)

Regulations, 2016. The ,lim of the Financial Applicants in filing this

application is to increase their claim against the Corporate Debtor.

24. Applicants in the rejoinder sHlted titat this Authority has got j urisdiction to

decide this issue. It is stated that IRP erroneously interpretcd the order and

thereby misconstmcd the intention of the Hon'blc Supreme Court. [n the

rejoinder, the paragraph 420) & (ii) of the I"ton'blc Supreme Coun order was

referred to. which rends as tollows:-

42. We.

27. Insolvency commencement date is defined U(s 5 sub-section 12, which reads

as fo]lows:-

Sl.'l.'tion 5(12) - "il/soll '/!IIey Cfllllmellcemelll (1IIIe" m eOilS rit e Ilare tlf (j(llIIis~'ifllf 0/1111 UppliClllioll for illiliafiflg corf/omle ilu'oll 'ellcy resofuriofl process hy Ihe A Iljlldicalillg Allihority III/tiel' seetiollS 7, 9 (lr sectioll 10, liS ,lie cllse may be:

IIJf(ll'itletil/1Il1 wllere lite interim r e.m /li/ioll pro/es.Iiol/a/ i.\' Iwt ItpptJilltet/ ilt tile order afimittillK IIppliClIlitJll IIlIder sectiolt 7. 9 or secri(lll IV. fh e ill .m h·ellcy CllllltttellCemCIIf dare shall be flte iIale all which slich illlerilll reso/Illioll pro/elisiolltll is oppOillfe(/ by 'he A (ljlll/iCtlfillg A IIt/wrily ;1

28. Section 16 of the Insolvcncy & Bankruptcy Code. 20 I 6 dcals with appointment

and tcnure of I RP. which rcuds us under:

Appoin tment :lI1d tC/lure of J nterirll Resulution Profcss iOlml-

16. (I) nre Adjudicating A lithorit)' shall appoim {/II illlerim ,.e.\·ollllioll professional Wilhill fourteen days fWIII Ihe iI/solvency COllllllencemell/ date.

(1) Where rhe application for corporate insohency resolution process is made by a jinancial credifor or Ihe corporate debtor. (IS the case lIIay be. the reSOllitiOIl professiullal, as pruposed re;pectively ill/he (Jpp/icafioll IInder section 7 or .\'l!etiOIl 10. slraff be appointed as fhe interim resolutioll professional, if I/O di.l'cipfinmy proceedings are pending against him,

(3) Where tile application for corpo rate insolvency I'esollifion pr(Jce~'s is made by (lI1 opemtional crellilor and-

(4)

( II) I/O proposal for WI interim resollition profe~'siollal is made. Ihe Adjudicating Allllrorit)' shall make a referellce to the Board for tire /'ecomlllendari(J/1 (!f all in$oil'el/cy professimwf '1'110 ilia), oct a.\' all jllll'l"illl resol/ltio/l professlollal;

(b) (I proposal/or an interim rcsollllioll professiollal is /II(u'e IIndcr .wb-secliOIl (4) of section 9, the resolution professional as proposed. shall be appointed as the interim re.rofrltion professional, if 110 discrplinO/y proceedings are pel/ding agaillSt him.

Tire Boord .flrafl. within tell d(l)'!; (/ lire receipl of a reference ji·om.JIU!...Adiwlir:u[inf! Awhorjf)1 Ill/der .wb--

P.gc 11 of 17

see/ioll (3), reeOlllmend rhe /lome of on it/soll'oley professiollol fO tire Adjlldicating AllflrorUy against whom 110 disciplinary proceedings are pending,

(5) The term of the illferim resollition professional {l'hal/ eOlllinue tiff the date of appointmelll of the rcsolillion p rofessionallinder section 22].

29. The lIon'ble Supreme Court or India by exercising power under Article 142

passed an order jor the limited purpose or recommencing the resolution process

afresh Irom the stage or appointment of IRP by Ihe order dated 09.08.2017

"

Section 5 sub section 12 clearly says thai the in~olvcncy commencement dale

means the dale of admission of application for initiating CfRP by th!.:

Adjudicating Authority U/S 7, 9 or 10 as the elise may be. The proviso to

Section 12 applies only, whereas the Adjudicating A llthority did not choose to

appoinllRP in the order admitting application U/s 7, 9 or 10,

33. In Section 7. 9 or 10 it is nul enjoined upon the Adjudicating Authority to

appoint fRP simultaneously with the admission of application or on the sallle

date, on which the 3dmission urder \\o"as passed.

34. Section J 6 of the J & B Code says that the Adjudicating Authority shall

appoint IRP within 14 !.lays from the insolvency commencement dalc, lhm

means 14 days time is given to the Adjudicating Authority to appoint JR.P cven

from the insolvency cummcncement dale. This is a time space given 10 the

Adjudicllting Authority to appoint JRY depending upon the facts &

circumstilnces of the case. In a given elise, if the Adjudief1ling Authority is nol

in a position to appoint IRP in the order admitting the application. then , it call

appoint IRP within \4 days. In sllch cases only the provi.'\O to Section \2 orlhe

Code would come in the operation i.e. where thc IRP is not l1ppointed in the

admission order. In case, ir the JRP is appointed subscC]u~'ntly i.e. within 14

days from the dote of admission, then the insolvency commencement datc sholl

be the date on which lRP is appointed by the Adjudicating Authority.

35. In the case on hand, the Adjudicating Authority in til(' admission order itself

appointed the IRP.thal was made on 09.03.2017. The l-ion'ble Supreme Court

of India in para 39 at page 40 of Ihe judgment clearly said that the

___ . _~ recommenc.;tnCllt of thc rcsoluliull procc.~s is from the. stage of appointment of

-S~ -IRP by the order dated 09 .08.20J 7. Therefore,

sub ~c(",tion 12 and Section 16 and the order of Ilon'ble Suprrme Court clearly

goes to show that the insolvency commencement date in this casco is

09.08.2017.

36. The l'lon'ble Supreme Court in its order only recommenced thc C1RP from thc

stage of appointment of [RP. The Hon'ble Supreme Court of India by iL" order,

directed the period prescribed U/S 12(3) to run from the date of its order i.e,

09.08.2018.

37. This Authority is of the considen.-d view that reviving the period prescribed

under the statute by another 180 drlys commencing from 09.08.2018 cannot be

cquated with insolvency commencement drlte.

38, The l'lon'ble Suprrme Court considering the fact lhat the home buyers arc

treated as Financial Creditors and they have to be included in the COC and the

entire proccs.~ has to be undertaken, excn:ising its powers under Article 142,

(·x tcnded the statutory period of 180 d3Ys from 09,08.2018. Therefore, taking

thot aspect of the order of the Hon 'b1c Supreme Court into considerntion, it

calmot be snid that the insolvency commencement date itself is 09.08.2018.

39. The Hon'ble Supreme CmJrt in its order did not set aside the admission order

passed by Ihis Authority on 09.08.2017. The lIon'ble Supreme Court in ils

order did not set aside the IIppointment of IRP by this Adjudicating Authority

in its oruer dated 09.08.2017. The Ilon'ble Supreme Court did \10\ disturb the

statutory definition of insolvency commcncrment date given ill Section 5 sub

section 12 of the Code. The Hon'ble Supreme Court did not even interpret that

the insolvency commencement dme in this case is from 09.08.2018. The

Hon'ble Supreme Court only dcalt with the revival of the CIRP and renew thc

period of 180 days prescribed Vis 12(3) oflhe Code.

•

" 40. Coming to tile factual (lSpccts of the case, thc contention of the

bankersifimlllcial institutions that they are not being paid interest from

09.08.2017 to 09.08.2018, ii equally applies to the home buyers, deposit C--

holders and other classes of creditors also.

41. The IRP is not at all prevented from taking claims. But the claim amounts

should be calculated taking 09.08.20 J 7 it being the insolvency commencement

d:11e as the cut-otT date. Once the insolvency process commences from

09.08.2017, the claim amounts have \0 be verified as on 09.08.2017. Although

the claims were received ancr 09.08.201 7 or after 09.08.20 t 8.

42 . Therefore, when the cUI-on'dnte is taken on 09.08.2017 it applies equally 10 all

classes of creditors for the purpose of calculating the interest. Interest would be

calculmed only till the daLe of cut-olf on the claims preferred by thc various

classes of creditors.

43. This Authority in the order dated 14.08.2018 only clarilied that moratorium

order shall be cllective till 180'}' day from 09.08.2018 taking into considerution

the order of Hon 'ble Supreme Court in Writ Petition (Civil) No.744 of 2017 .

That does not mean there i~ no moratorium order in force \V.e.f the date of

admission i.e. 09.08.2017. It is only extension of moratorilllll imposed on

09.08.2017 .

44. In this eome);t, it is neces~ary to refer to the point llrged by the !RP and the

Icamed cO\msel appearing for home buyers, this Adjudicating Authori ty in jt~

.... order dated 16.05.2018 made in CA No.26/20 I '! declared certain transactions

~

are avoidabh.: transactions that involved m0l1gage of 858 lIcres of land or HL

U/s 43, 45 & 66 of the Code. The said order of this Authority is pending

-s&' - adjudication before the Hon 'ble National Company LlIw Appellate Tribumd.

-s.of-- P~G·16oI 11

"

Tnt! insolvency commenC\:1llcnl dUll' has gOI II relevance in deciding whether

the particular transactions is avoidable tr.msaclions or not under Section 43 &

45 oflhe I & 13 Code. , .

45. In Ihe case on hand, if Ihe insoh'cncy commencement dall' is taken as

09.08.2018, there is a possibility of certain \mnsactiolls nol fnlling under

Section 43 & 45 of the Code.

46. The ]RP acting under Regulation JJ & 14 of Ihe Cl R!' Regulations, can

estimate the ['lInoun! of the claim from time to lime based on the infonnation

tlvaii(lbk with him and revise the amount o f the claims verified including the

('Slim::!les or lhe claims made under sub regulation [ of Regulation 14.

47. [n vi ew of the above discussion. Ihis Authority is of till' considered view thaI

the insolvency commencement dale i.c. the CUI-Oft' dale ror calculating ute

quantum of claim amounts lor all types rmd classes or creditors is 09.08.20 17.

41'1 . Applicatioll (IA No.217 or2018) is disposed or Ilccordingly.

Dated: 10.12.2018

- s .J. -(SAROi RA,JWARE) MEI\'I IlE I~ (TECHNICAL)

""'''' h.,. f'roU

,

IN T I lE NATIONAL COM I'ANY LA W TRIBUNAL ALLAJ:LAllAD RENCH

ANU,I .JArN.

ComQl.nv Apptirlliioll No.225120 18

B(II/klllp'£}' Crule. 2016 seeking fI/lpropriale l/ircct;O/l.'j' (IS regllnt complial/ce 11';111 Rcglllflfil)/l 1](2) (If II/soil 'ell ,)' I/Ild ]JlIl/krl/p/{:y 80(111/ of /mliu (Illsofl'l!llcy Resolutioll Process jor Carport/Ie Persolls) Regll/orioll.\', l(JI 6)

I,NTERIM RESOLUTION PROFESSIONAL rO I{ J /\ YPEE INFRATECH L TO.

. ........... APP LI CANT

IIlBII1ANK LTD.

. ......... . . FINANClAL CRE DI TO R

VERSUS

,JA YPEE INFRATECI I LTD, ............. ..... COR PORA n : I)EllTOR

OIWER DELI VEREJ)ON 10.12.20 18

CORAM: • •

Li on. Mr.l3ikki RHwcndra Ibbu, Member (Judicial) HOIl. Ms. Sa roj I~:ljwarc, M ember (Technica l)

For the Applicant

For Ihe Fin:mcial C red itor

For the Home llu ~' c l's

: S h. Sanjay Bhatt, Ad v. Along with Ms. JlInhl·j Bha~il1 , Alh·oc:l1t'.

: Sh. IJishwajil Dubc)', Ad,·. Along wilh Ms. Ruehi Cl1:I udhafY, Sh. AIIi IY:I l\huwah & SII. Rahul Agarw:II . Ad'· oc:lll'~.

~ Sh. Auand Gro\'e r, S r. Ad\'. A lulI!; with Sh. Amil 1\,lishnl . Sh. Shi \'[1I1I I':uuley. Sh. S:lIlIY:I1; G:m gwa l ~~ Sh. Yash Tandut1. Advocates.

I' ER SF, : Uon. Mr. Uikki Ra\'ecuura 1l:1bu , i" l cmher (Judicial).

-5"--s.cf'~·

\

,

I. Interim Resol ution Professionnl (IRP) filed this application under Section 60(5)

of Insolvency and [3ankruptcy Code, 2016 seeking certain directions regarding

compli:mcc with Rcgul:1!ion 13(2) of Insolvency and Bnnknlptcy BOlin! of

India (I nsolvency Resolution Process for Corpol1ltc Pl'r.;ons) RcgulaliQns,

2016.

2. 1\ is staled thaI in compliance or the order of Hon'blc Supreme Court of India

vide order dated 09.08.2018 passed in Writ Petition (Civil) No.744/2017 rcad

with order dated 14.08.20 18 passed by this Authority in CA No. 126120 18 in

C P No,(lR)77!ALD/20J7 IRP issued Public Announcement in the revised

Fonn A on 17.08.20 J 8, constituted Committee of Creditors (COC) on

30.08.2018.

3. [\ is furtln:r stated as per the Regulation IJ o[;he CI RP Regul~ t ions, JRP shall

veri ry the claims,

Regulation 13 of the CIRP Hcgulations reads as follows:

.. / J . Verijicmio" of d fl i",s.

(I) The imerim reso/lllion profe.(,~io"al or IIIe r(?.lo/urioll professio/lal. as tlie case mlll' be. shall \'Crify C\'(1)' claim, as WI rlie illsofl'('lIcy commcncemcllf l/mc, lI'iihill ,~e l'CII dayJ from the lasl aalC of the receipt oj tire claims, ,all(/ thc"cupon maillWill a list of creiilors contaming names ?f creal,tors {I/GI/gwith the (l1I1011llt claimed hy them, the 111110111/1 of the/r chllll/s ad~lII/ted alld the secl/rily il1lenW. i/lII(l'. in respect oj such clall/ls, alld uptime 1/.

(2) The list of crcdilors shall be -

(b)

aruilablefor inspcctioll by the pel"SOIlS who submilled proofs of claim:

{lWliluble Jor inspN:lion by members, fXII"/l1ers, din'Ctors and guarll/1torS of tire corporale (Iebtor;

\l'r \.

(c) elisf/fuye(/oll the 1I'('b .~ite, if OilY, (lIthe corporate debtor:

((I) flIed 11'/111 the Adjudicating tllilhodty; and • ••

(t'J prescnted at the j;",1'1 //Ieel ing of I he co,'I1 I11/t1l'e, Pol:" Z of 10

,

4. IRP is mllimaining the list of creditors containing the amount claimed bv the •

creditors, the amoum admitted and the security interest, ifany, in respect of the

claims and also updating it from time to lime. [RP displayed the li5\ of

creditors on the website of the Corporate Debtor. Howevcr, while displaying

the details of allottees of real eSlale project of Corpor

\ \5',..

\

•

website of the Corporate Debtor may invite breach of right to privacy and Inay

rcsuh in harJssmem or unnecessary public speculations on account of

similarity of names with those holding high offices or constitutional posts.

7. IRP stated that he approached the IBBI, but IUBI expressed its inabili ty to

create any exception in the regulatory framework and directed the JRP to seek

appropriate orders or direct ions from this Authority. IRP prayed for a direction

Ihal displaying of unique code of allottees of rca] estate projecu of Corpor.lte

Debtor (JlL) on the website. with claims made and admitted is in compliance

of requirement under regulation 13(2)(c) ofCIRP Reglzi utions.

8. IRP also sought pcnnission to !ill.' the list of creditors alongwith the mlilles of

the ll1101tcs in a scaled covcr bl:fore this Authority.

9. IDBI Bank on its behalf and on behalf of following lenders Ilho are the

members ofCOC. filed reply:-

ll . ICiCI Bank l.imi ted. b. India InfrdStructure Finance Company Limited. c. Union Bank or India. d . lFCI Limited: and c. Axis Bank

10. It is stated that IRP is attempting a b.1ckdoor consti tutional challenge to

11 .

Regulation IJ of CIRP Regulations without challenging ilS vires. It is SUIted

thm. the applicant without chulienging the vires of Regulmion 13 c:mnot seek

exemption from Regulation 13(2). It is fu rther stated that Rcgu lutiorl 13 is:l

mandatory regulation and it is the duty of IRP to follo\\l Reguhlliol\ 13 in its

true letter lind spirit. It is lunhcr st:lted thaL there is no I1Itionale behind non-

disclosure of names of home buyers.

It is stated Ihat OUI of 24,000 home bUYI:TS only 9.500 home buyers had taken

paTt in voting process ami it reflects thllL subslantilll number of home buyers

•

have nOI exercised their righl 10 Vo\(~ and have: chosen to :!bstain from voting.

The lenders furthcr slaled th~!l seeking exemption from publication of names of

allottecs on the we bsite of the Corpomte Debtor gives r ise to reason~ to believe

Ihat some of the home buyer.:; may not be genuine. It is also Stated that by

publishing the names of thc alJottees, the privacy of the allottecs is nOI being

infringed.

12. It i~ also pointed OUi th:!t non publicatiun of Ihe names of the a)]ottccs is

circumventing the Rcgulmiom; and it is in violation of the order of llon·ble

Supreme Coun of Indi

•

Debtor. Any deviation of such requirement, would be a dear violation ofC1 RP

RcgU!illions.

J 5. It is further slated that Regulation 13 is a m;lIldmmy Regulation. In such

,~ill1ilar cases. in respect of the home buyers relat ing to At\tlR In frastruc tures

Limited and AmrnpaJi groups, the list of names of home buyers were published

in the website orlhe respective comp(mics.

16. It is sialed that []{P had earlier published the following lists, wherein the

Names. Email [Os lind Mobile numbers of large numbers of home buyers were

published on [he company website.

A. A J 1 pages /ollg list of HOllie buyers ... "mil.' dl.'/(lil!i "'ere IIw;smg. IVIIS fJllblisileil by IRP 011 AI/X/lSf J8'h, 10/8. A cop .. ' of tlte Ii~" pllblishc(/ 011 August J 8'h, 2018 is (1II11ex!.'tl (/~. AllneXllre C

B. A ."i I pages' Iiw oJ FD II oliler.f {lilt! HOllie buyers wi,,, incorrecl e-II/oil Iil~' were published by lRP 011 AI/gil!>' 21", 2018. A copy of'"e liM publi!>"ell 011 21" AllglI!>/, 2018 is 11fI1//,XCll as AllIIl'.xllre D.

C. A J () puges' /i.\"' of Home buyers of Cllll cellct! ullirs !l'lIS puhlished by IRP 011 Allgust 22nd, 2{j18. A copy of ril e list pllhlisllel/ all August 22',d, 2018 is llllll e,\'ed as Annexure E.

17. II is staled that Regulation 13 of the CIRP Regulations is fair, just and

reasonable, which would proVide elr~li\'e resolulion of thl' insolvency of J I L.

leading to the benefit of approximately 25000 home buyers. various lendcr:;,

FD holders and thousands of employees and workers, working witb JlL and in

tum their f3111ilics.

18. It is st:lted lhat the names and asscts of the MLAs. MPs, and judges are alrcady

avail;lhle in ;'IUblic domain and publishing the names or allottec~ would lead In

chaos is nol correct. IRP fail to filc the minutcs orlhe Board, whcrein IRP WIIS

\ directed to approach this Authority.

\!'" '-rage ~ of 10

,

19. This is a cusc where large number of home bUyers relating 10 llL are treated -

\

of the creditors. Among the creditor~, it is only the r illancial Creditors that arc

eligible 10 be the membcr.; ofCOC il1lhi~ Clse. 1 lome buyers arc the Financial

Cn.:ditors. They arc said 10 be 24,000 in number. They are all included as

rllemhers of the COC according to the IRP. ·1113t means the intere.sl of eve!)'

-

\ Il'r

\

•

home buyers is there in the process. Each home buyer has got a voting share

depending upon his claim amount verified by Ihe !RP. TIlcrcforc. what are the

ci

,

25. Moreover, the right to acquire hold and dispose of property is no h.mgcr a

fundamental right, it is only a statutory righl. Therefore, uilonces have got a

right 10 acquire their flats & plots from the Corporate Debtor and when such is

the case, publication of their names in the lis! of creditors is not going 10 affect

their privacy or fundamenta l right, especially when Ihey bcc,alllc part of

Comminee ofCredilOrs that mainly take part in taking variollS crucial and vital

decisions as pan ofCIRP process in respect ofCorpomtc Debtor.

26. llu: details ofimlllovabic properties owned and possessed by GovL employees

and persons holding the constitut ional posts are available in public domain or

in election affidavits. Therefore, publishing the names of aJ !otlees of plotslnats

of the Corporate Debtor is not going to effect the Right to Privacy of alloltccs.

Moreover, (he Regulation 13(2Xb) is a fair, j ust and reasonable regulation that

would help to have effective rcsolution process. Furthe r. the I lon'bie Supreme

Court in Chilra Sharma & Ors. 1'. Unioll of India alld Ol"s. held as rollow5:-

"More/wer, Ihis Court .~//ollld folfo ... tlte disciplille of rite IBC wllich IU/.~ heell el/tlcred hy Parlit/mellt specijimlly to ~·treflllllille the resolutioll of cortJOrtite ill~·oll'l!lI cie~·.... Tlte It'gi~"{j/ltre has IIwde SfJCcijic prOl'isiollS II '/ticll tlr/! cO J/ccil'et! iJ/ public i"'ereSI (lilt! to ji/cifirate gooti CQrpl/rute gtJl'crJ/(lI/ce.... Ol/ce we 11II1'e IlIkell recourse to 'he discipliJ/e of lite IHe. il is l/eCen tlrJl 111111 ils slllllllur.l' prOl'isi(IIIS he foUmi"/!t1 10 jilcifilllrc lite cOlldusioll oj lite re.wI/II,io/l proce.H· ... Duril/g rltis I'criod. Ihe IRP shtlll (olioII' ,It I' IJrtl1·i.~irllls of lite I BC Ilfrj~sh ill 1111 respects. "

(Elllpllll-'"i~' SIIPl'lied)

27. Thererore, the IRP should follow Regulation 13(2) of C1KP Regulations,

\ \1'9'

\

irrespective of the issue that sllid regulation is mandatory & directory. It is

noticed that only around 9,000 home buyer~ out of around 24,000 home buyers

allended the COC meeting and voted and as a result the required voting

percentage for passing various resolutions in the COC meetings could nOI be

Pase ~ of 10

"

passed. The publications of names of ailoltecslhome buyers Illay help to

increase lhe participation of h0111 e' buyers in CDC meetings and vOle.

28. II is :llrcady said thm there i~ no request by any creditors 110\ 10 publish his

name in the list of creditors. The publication of unique code number may no!

serve the purpose as stated by the fRP.

29. Moreover, when Regulation 13(2)(c) says that the names orlhe creditors shaU

be published, by mere publishing the unique code number, the purpose would

not be served.

30. In view of the ahove discussion, iKP is directed to p\lbli~h Ihe Jist uf till.:

creditors containing the names of the creditors along with the amount claimed

bv them, the amount of their d~ i ms admitted and the security interest, if any, •

on the website of the Corporate Debtor.

31. Applic~ltion (CA No.225 of 20 J 8) is disposed of accordingly.

»:lltd: 10.12.20 IR

- 5~ -

(SAROJ IMJWAR£) MEMBER (TECHNICAL)

1}".J ",.: t.:..,~ p,U.,~ 5_ ... {~..pM'!

--so{ - . (lhKKI RAVEENURA BABU) i\·IEMUEJ.{ (JU DIC IAL)

page 10 of 10

10, December 2018

Figures (in INR)

Principal1 Interest2 Total

1 AM0A101A01 Vikash . 517,586 442,586 105,222 547,808 2 AM0A101A04 Gaurav Sachdeva 618,146 618,146 145,515 763,661 3 AM0A101A05 Hcs Rawat 590,355 590,356 138,063 728,418 4 AM0A101A06 Sunita Kanoo 1,191,107 737,841 165,751 903,592 5 AM0A101B02 Lalit Kumar 738,125 738,125 152,975 891,100 6 AM0A101B03 Badri Prasad 595,216 595,216 141,347 736,563 7 AM0A101B04 Ankur Anand Saxena 590,500 590,500 143,535 734,035 8 AM0A101B06 Mayank Dixit 589,820 589,820 134,961 724,781 9 AM0A101B07 Kanwal Deep Mitra 589,535 589,535 135,386 724,921 10 AM0A101B08 Gagandeep Singh 590,500 590,500 130,897 721,397 11 AM0A102A01 Sushma Chhokar 590,554 590,554 145,983 736,537 12 AM0A102A04 Dimple Singh 643,036 643,036 147,993 791,029 13 AM0A102A07 Mukesh Kumar Sharma 590,163 590,163 144,907 735,070 14 AM0A102B05 Girish Malik 590,305 590,306 145,914 736,220 15 AM0A102B07 Kapil Mishra 590,355 590,355 145,280 735,635 16 AM0A103A03 Sagar Grover 574,889 574,489 140,804 715,293 17 AM0A103A07 Pradeep Kumar Srivastava 636,808 636,808 150,220 787,028 18 AM0A103A08 Ruby Kumar 573,964 573,965 141,891 715,855 19 AM0A103B01 Mohammad Ali Ullah 573,093 573,859 139,332 713,191 20 AM0A103B04 Narinder . 573,644 573,644 141,855 715,499 21 AM0A103B06 Shikha Singh 573,799 573,799 141,890 715,689 22 AM0A103B07 Suresh Kumar Arora 286,900 286,900 71,927 358,827 23 AM0A104A03 Suneeta Yadav 574,247 574,248 139,896 714,144 24 AM0A104B03 Narendra Bahadur Singh 573,287 573,287 140,765 714,052 25 AM0A104B06 Zulfiquar Ahmad 579,102 579,102 134,666 713,768 26 AM0A104B07 Vibhu Tandon 575,132 575,132 141,190 716,322 27 AM0A104B08 Santosh Sharma 574,110 574,110 140,833 714,943 28 AM0A105A02 Sulakshna Kumari 573,922 573,992 137,709 711,701 29 AM0A105A05 Pankaj Kumar Tiwari 573,777 573,777 141,873 715,650 30 AM0A105A06 Ritika Setia 571,957 571,957 140,452 712,409 31 AM0A105B01 Shashi Prabha Agarwal 573,989 573,989 137,545 711,534 32 AM0A105B03 Kishor Kumar Sharma 723,881 723,881 162,768 886,650 33 AM0A105B04 Arti Gupta 573,635 573,636 141,853 715,489 34 AM0A105B05 Bimla Devi 573,636 609,860 110,083 719,943 35 AM0A105B08 Gopal Dutt Attri 574,799 574,800 141,928 716,727 36 AM0A106A02 Aaditya Saxena 573,896 573,707 138,797 712,504 37 AM0A106A03 Ram Das Swarnkar 575,920 575,920 138,520 714,440 38 AM0A106B01 Ankur . 574,370 574,370 134,599 708,969 39 AM0A106B06 Vinod Thakur 573,800 573,800 141,890 715,690 40 AM0A106B07 Neeraj Khetarpal 705,043 580,347 134,083 714,430 41 AM0A106B08 Anoop Goyal 573,802 573,802 130,383 704,185 42 AM0A107A01 Rashmi Roshanlal Gupta 405,000 405,000 88,949 493,949 43 AM0A107B01 Naresh Kumar Sharma 573,987 573,987 140,888 714,875 44 AM0A107B02 Neeraj Singh 8,165,899 574,370 131,753 706,123 45 AM0A107B04 Shuweta Goel 282,699 286,899 54,816 341,715

1 Principal includes the amount actually paid by the customers to Corporate Debtor and does not include any non‐cash credits which may appear in the statement of accounts2 Interest - As per the regulation 16A(7) of the IBBI CIRP Regulations, the interest has been computed @8% per annum for home buyers unless a higher rate of interest has been agreed to between the parties

3 NAM (Not Appropriately Mentioned) ‐ Certain Home Buyers have filled forms inadequately by keeping the claim amount blank or specified that they want their flats, Interest, Penalty, Refund etc. in the claim amount column. In such cases, we have looked at the attached supporting documents and verified the claims basis that with the financial records of the company and admitted the claims

Jaypee Infratech Limited

Home Buyer Claim Details ‐ Active Units (excluding Offer of Possession)

Claim admittedS.No Unit Number Customer Name Amount claimed

Page 1 of 337

10, December 2018



46 AM0A107B07 Pushpinder Chambial 573,848 573,848 141,891 715,739 47 AM0A107B08 Inderjeet Singh Luthra 573,118 573,118 129,682 702,800 48 AM0A108A04 Ajay Kumar Bhalla 573,312 573,312 141,779 715,091 49 AM0A108A07 Nancy Bedi 573,706 573,706 140,866 714,571 50 AM0A108A08 Subhash Sethi 573,328 573,329 137,438 710,767 51 AM0A108B06 Nitin Arora 574,980 574,980 139,908 714,888 52 AM0A108B08 Nityanand . 573,801 573,801 93,400 667,201 53 AM0A109A01 Savita . 573,801 573,801 135,627 709,428 54 AM0A109A04 Saurabh Garg 573,262 573,262 130,220 703,482 55 AM0A109A06 Savita Rani Arora 4,777,667 280,549 55,299 335,848 56 AM0A109B01 Kalpana Banta 573,899 573,899 146,667 720,565 57 AM0A109B05 M Dinesh Chandra Kanglei 573,895 573,799 141,891 715,690 58 AM0A110A03 Dipti Verma 714,629 714,629 173,049 887,678 59 AM0A110A05 Ajay Sikri 572,703 572,703 140,628 713,331 60 AM0A110A06 Tannu Sharma 573,801 573,801 137,545 711,346 61 AM0A110B01 Pavan Yadav 573,597 573,597 133,683 707,280 62 AM0A110B02 Yogesh Kumar 573,403 573,403 142,774 716,177 63 AM0A110B03 Rashmi Chawla 574,570 574,570 139,463 714,033 64 AM0A110B04 Amar Singh 573,054 573,054 140,708 713,762 65 AM0A110B06 Tushar Mishra 576,133 573,590 135,580 709,170 66 AM0A111A01 Sandhya Rani Sinha 573,586 573,586 137,496 711,083 67 AM0A111A05 Shweta Sharma 573,729 573,729 140,870 714,600 68 AM0A111B01 Aparna . 573,799 573,799 137,545 711,345 69 AM0A111B02 Sushil Kumar 574,147 574,147 141,891 716,038 70 AM0A111B04 Mohita Arora 486,042 411,900 102,751 514,651 71 AM0A111B08 Sandeep Jain 573,801 573,801 141,440 715,241 72 AM0A112A02 Mithlesh . 574,413 574,418 140,993 715,411 73 AM0A112A03 Saloni Mudgal NAM3 582,287 128,146 710,433 74 AM0A112A04 Manoj Kumar 6,197,639 573,640 138,823 712,463 75 AM0A112A07 Wali Mohd 75,000 75,000 20,170 95,170 76 AM0A112A08 Madhu . 100,000 100,000 25,556 125,556 77 AM0A112B04 Keshav Chandra Sharma 573,450 573,451 142,722 716,173 78 AM0A112B06 Tanuj Bisht 573,342 573,342 138,442 711,785 79 AM0A112B07 Parmod Kumar 507,400 430,000 108,287 538,287 80 AM0A114A05 Chander Bhan Singh 623,860 623,860 143,494 767,354 81 AM0A114B05 Savita Devi 541,810 541,811 128,200 670,011 82 AM0A114B06 Kanika Chaudhary 75,000 75,000 19,167 94,167 83 AM0A115A02 Kiran Sharma 573,802 573,802 127,462 701,264 84 AM0A115A04 Mayanka Adlakha 75,000 75,000 18,674 93,674 85 AM0A115A06 Geeta Gola 573,802 573,802 133,741 707,543 86 AM0A115B04 Shalini Agarwal 573,517 573,517 137,482 710,999 87 AM0A115B06 Puran Mal Agarwal 1,114,430 580,278 132,294 712,572 88 AM0A201A02 Alka . 442,875 442,875 100,845 543,720 89 AM0A201A03 Mayank Mishra 590,428 590,428 145,974 736,402 90 AM0A201A07 Sandeep Kumar Yadav 591,028 591,083 143,985 735,068 91 AM0A201B07 Beenu Anand 567,677 597,977 141,332 739,309 92 AM0A201B08 Shuchi Bahuguna 590,500 590,500 139,560 730,060 93 AM0A202A01 Swati Mahajan 590,451 590,452 144,977 735,429 94 AM0A202A05 Pranshu Sharma 590,283 590,283 143,490 733,773 95 AM0A202B01 Harshwati Devi 595,441 595,451 137,651 733,102 96 AM0A202B03 Ashok Kumar 295,250 295,250 71,370 366,620 97 AM0A203A01 Deepak Kumar 573,795 573,795 141,861 715,656 98 AM0A203A04 Raj Kapoor Sharma 717,248 717,248 161,339 878,587 99 AM0A203A05 Sanjay Channa 677,763 645,511 114,693 760,204 100 AM0A203A08 Tilak Dhari Yadav 573,897 574,000 139,898 713,898 101 AM0A203B02 Vinod Kumar Gupta 968,674 573,900 140,853 714,753 102 AM0A203B05 Sandeep Kumar Pandey NAM3 75,000 19,167 94,167 103 AM0A204A05 Hema Negi 533,144 533,144 124,291 657,435 104 AM0A204A06 Mohitkumar Shyamsunder Adalakh 573,378 573,379 129,735 703,114 105 AM0A204A07 Babita Sinha 2,574,755 574,755 128,434 703,189

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106 AM0A204A08 Swati Jain 573,426 573,426 138,432 711,858 107 AM0A204B06 Seema Talwar 234,000 430,490 97,558 528,048 108 AM0A205A01 Anjali . 386,900 386,900 86,810 473,710 109 AM0A205A02 Tarun Khanna 576,030 575,000 138,631 713,631 110 AM0A205A05 Sunita . 574,717 574,717 135,088 709,805 111 AM0A205A06 Mayank Kawatra 573,163 573,163 130,667 703,830 112 AM0A205A07 Balbir Singh 573,801 573,801 124,692 698,493 113 AM0A205A08 Durgesh Kumar Singh 573,658 573,658 140,884 714,542 114 AM0A205B02 Priyanka Gautam 573,681 573,681 134,192 707,873 115 AM0A205B03 Arun Kumar Pandey 573,802 573,802 137,080 710,882 116 AM0A205B08 Vijay Kumar Sharma 573,174 573,175 140,668 713,843 117 AM0A206A02 Bansi Lal Kaul 75,000 75,000 19,167 94,167 118 AM0A206A03 Kumkum Lall 573,561 573,561 134,079 707,640 119 AM0A206A04 Kapil Singh 573,518 573,519 141,826 715,345 120 AM0A206A05 Abhishek Kapoor 577,757 577,757 128,462 706,219 121 AM0A206A08 Renu Singh 589,540 589,540 129,578 719,118 122 AM0A206B02 Rani . 573,802 573,802 133,244 707,046 123 AM0A206B05 Sheetal Peblo Nijjar 519,703 284,582 73,669 358,251 124 AM0A206B07 Avinash Tripathi 575,518 573,518 137,480 710,998 125 AM0A207A04 Rakesh Kumar 575,308 575,308 136,602 711,910 126 AM0A207A05 Rajender Singh 573,802 573,802 135,627 709,429 127 AM0A207A06 Anju Mehta 573,260 573,260 140,761 714,021 128 AM0A207A08 Ravi Shankar Sharma 574,198 574,198 141,891 716,089 129 AM0A207B01 Santosh Kumar Pandey 574,790 574,790 137,512 712,302 130 AM0A207B06 Virendar Tickoo NAM3 573,415 141,802 715,217 131 AM0A208A02 Meenakshi Verma 780,629 780,629 188,887 969,516 132 AM0A208A05 Rudrakshi Monga 7,057,093 225,000 45,534 270,534 133 AM0A208A08 Bappa Biswas 573,613 573,614 141,848 715,462 134 AM0A208B04 Shivangini . 573,998 573,998 142,880 716,878 135 AM0A208B07 Tarun Chhabra 180,000 181,000 44,839 225,839 136 AM0A208B08 Sanjay Jodha 577,510 577,510 139,066 716,576 137 AM0A209A04 Manish Kumar Shivhare 598,755 564,994 121,246 686,240 138 AM0A209A06 Abhay Shrivastava 575,448 575,448 137,577 713,025 139 AM0A209B01 Anita . 573,681 573,681 133,699 707,380 140 AM0A209B04 Sangeeta Thawani 572,430 572,430 139,568 711,998 141 AM0A210A03 Jai Devi Agrawal 573,658 573,658 140,853 714,511 142 AM0A210A06 Sanjeev Kumar 577,140 577,140 137,071 714,211 143 AM0A210A08 Aparna Mangtani 537,798 573,798 117,387 691,185 144 AM0A210B02 Rakesh Rambir Singh 574,241 574,251 129,682 703,933 145 AM0A210B08 M S Panwar NAM3 575,616 135,627 711,243 146 AM0A211A02 Mayur Gupta 572,264 572,264 140,526 712,790 147 AM0A211A03 Dheeraj Ashiwal 578,050 578,050 138,055 716,105 148 AM0A211A04 Praveen Kumar 572,376 572,376 140,550 712,926 149 AM0A211A06 Jitender . 572,887 572,887 142,656 715,543 150 AM0A211B03 Vinod Kumar 187,000 187,000 48,793 235,793 151 AM0A211B05 Govind Kumar 573,506 573,506 135,105 708,611 152 AM0A211B06 Piyush Rawat 588,801 588,802 138,372 727,174 153 AM0A211B07 Dolly . 75,000 75,000 19,167 94,167 154 AM0A212A01 Sarika Vohra 572,870 572,890 139,698 712,588 155 AM0A212A02 Loveleen Sood 573,734 573,735 142,850 716,585 156 AM0A212A03 Jahnvi Mudgal 426,050 575,856 134,161 710,017 157 AM0A212A05 Riyazuddin . 75,000 75,000 19,167 94,167 158 AM0A212A08 Achal Kumar 677,202 573,901 140,909 714,809 159 AM0A212B01 Om Jee . 574,000 574,000 137,523 711,524 160 AM0A212B04 Vaijayanti .. 526,158 526,158 125,851 652,009 161 AM0A214A05 Kanika Chaudhary 75,000 75,000 19,167 94,167 162 AM0A214A06 Kapil Kathuria 574,070 574,070 141,761 715,831 163 AM0A214A07 Vikas Bajaj 574,252 574,252 139,390 713,642 164 AM0A214B02 Anuj Kumar 186,900 186,900 47,764 234,664 165 AM0A214B03 Heena Malik 573,786 573,786 137,695 711,481

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166 AM0A214B05 Subhawati Devi 574,278 574,279 140,975 715,253 167 AM0A214B07 Sudesh Kumar 573,801 573,801 135,164 708,965 168 AM0A215A01 Aman Choudhry 575,520 569,500 139,846 709,346 169 AM0A215A03 Ritesh Gautam 556,600 573,801 138,083 711,884 170 AM0A215A06 Pardeep Aneja 430,549 430,549 105,626 536,175 171 AM0A215A07 Vikas Chawla 575,187 575,197 135,380 710,578 172 AM0A215A08 Sachin Sodhi 713,251 573,599 139,800 713,399 173 AM0A215B01 Shuweta Goel 286,899 286,899 54,816 341,715 174 AM0A215B02 Anil Kumar Jaiswal 575,185 575,185 138,953 714,138 175 AM0A215B05 Jalaj Malik 573,753 573,753 129,817 703,570 176 AM0A215B08 Rajesh Kumar Gaind 638,400 574,400 137,568 711,968 177 AM0B101A01 Umesh Chandra Khare 830,517 909,850 149,648 1,059,498 178 AM0B102B02 Darpan Verma 872,610 872,611 216,859 1,089,470 179 AM0B102C01 Kumar Saurav 873,361 873,361 209,097 1,082,458 180 AM0B102D03 Anurag Mohan Bhatnagar 773,411 873,411 214,380 1,087,791 181 AM0B103A02 Sumeet Sagoi 824,114 824,114 199,556 1,023,670 182 AM0B103B04 Sudhir Mehta 100,000 100,000 25,556 125,556 183 AM0B103D01 Dayawanti . 897,278 897,278 195,417 1,092,695 184 AM0B104A02 Sangita Chaurasia 825,236 825,236 201,134 1,026,370 185 AM0B104A04 Ritika Srivastava 824,555 824,555 187,195 1,011,750 186 AM0B104B02 Dhirender Partap Singh 824,114 824,114 202,360 1,026,474 187 AM0B104B04 Atul Jain 500,000 380,000 62,527 442,527 188 AM0B105A04 Joginder Singh 824,910 824,910 196,954 1,021,864 189 AM0B105B01 Ram Kumar 127,977 812,667 174,389 987,056 190 AM0B105B02 Shweta Upadhyay NAM3 824,620 186,042 1,010,662 191 AM0B105B03 Manoj Kumar 825,276 825,276 188,623 1,013,899 192 AM0B105B04 Vipin Setia 825,033 825,033 203,914 1,028,947 193 AM0B105D02 Anju Arun Kumar 825,030 825,031 197,716 1,022,747 194 AM0B105D03 Anil Kumar 823,538 823,538 202,227 1,025,765 195 AM0B105D04 Anil Kumar 823,587 823,587 202,239 1,025,826 196 AM0B106A04 Vivek Singh 825,033 825,033 197,555 1,022,588 197 AM0B106B02 Kunwar Akshay NAM3 825,445 200,516 1,025,961 198 AM0B106C01 Rajni Kaul 861,124 861,124 207,662 1,068,786 199 AM0B106C02 Umesh Chandra Gupta 825,237 825,574 198,932 1,024,506 200 AM0B106C03 Chandra Shekhar Yadav 827,237 827,237 197,765 1,025,002 201 AM0B106C04 Mamta Sharma 830,003 830,003 194,316 1,024,319 202 AM0B107A01 Vijay Prasad 712,619 712,619 174,074 886,693 203 AM0B107A03 Sheetal Peblo Nijjar 755,376 409,527 105,907 515,434 204 AM0B107A04 Vineet Angrish 800,500 825,030 201,172 1,026,202 205 AM0B107C01 Lachman Datt Sharma 825,237 843,249 202,731 1,045,981 206 AM0B108A02 Bhupinder Singh NAM3 825,326 185,115 1,010,441 207 AM0B108A04 Shailly Gupta 1,280,662 824,450 199,636 1,024,085 208 AM0B108B01 Rittes Srivastav 845,054 835,735 195,905 1,031,641 209 AM0B108B04 Depinder Singh 825,236 825,236 202,624 1,027,860 210 AM0B108C03 Rahul Dev Sharma 831,042 831,542 195,722 1,027,264 211 AM0B108D01 Vivek Singh 8,250,033 825,033 197,555 1,022,588 212 AM0B108D02 Mohit Mathur 825,237 825,237 197,765 1,023,002 213 AM0B108D03 Utakarsh Jayant 826,386 826,386 197,671 1,024,057 214 AM0B109D04 Davinder Kumar Gupta 827,000 827,000 195,107 1,022,107 215 AM0B110C01 Adarsh Kumar 825,236 825,236 202,559 1,027,795 216 AM0B111B04 Sandeep Negi 762,800 762,800 189,594 952,394 217 AM0B111C01 Sarla . 828,962 828,962 197,637 1,026,599 218 AM0B111C02 Mamta Ajay Kumar 829,042 829,042 197,812 1,026,854 219 AM0B112D02 Anil Kumar Rawat 831,649 831,649 189,990 1,021,639 220 AM0B112D03 Manoj Kumar Chauhan 825,236 825,236 201,202 1,026,438 221 AM0B201A04 Kunjan Dhingra 848,121 880,328 207,847 1,088,174 222 AM0B201C01 Madhu Dhawan 873,855 873,855 205,357 1,079,212 223 AM0B201C03 Anushri Dhawan 873,484 873,484 207,755 1,081,239 224 AM0B201C04 Anuj Dhawan 873,156 873,156 209,214 1,082,370 225 AM0B202A01 Yash Kumar 873,034 873,034 216,034 1,089,068

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226 AM0B202B04 Nishu Singhal 872,934 872,934 210,644 1,083,578 227 AM0B202C03 Aquib Khan 847,300 873,483 202,378 1,075,861 228 AM0B203A03 Rohit Singh 900,000 825,236 169,522 994,758 229 AM0B203B01 Amit Malhotra 832,121 832,121 198,444 1,030,565 230 AM0B203B02 Dimple Sahni 850,000 850,000 218,564 1,068,564 231 AM0B203C03 Nazneen Fatima 825,236 825,236 197,682 1,022,918 232 AM0B203D04 R C Shukla 725,068 725,234 164,581 889,815 233 AM0B204A02 Jatinder Kaur 828,027 828,028 200,795 1,028,822 234 AM0B204A04 Amita Singh 6,289,742 100,000 25,556 125,556 235 AM0B204C04 Rajesh Kumar Singh Yadav NAM3 824,586 204,146 1,028,732 236 AM0B204D01 Surinder Pal Singh 823,197 823,197 202,147 1,025,344 237 AM0B205A02 Karan Singh Bisht 1,031,546 1,031,546 244,482 1,276,028 238 AM0B205A04 Tapan Kumar 825,235 825,235 199,166 1,024,401 239 AM0B205B03 Ajay Kumar Jain 825,237 825,237 192,927 1,018,164 240 AM0B205D04 Anil Kumar Gupta 825,103 825,103 201,128 1,026,231 241 AM0B206A03 Ashwani Duggal 150,000 150,000 40,340 190,340 242 AM0B206B03 Sumit Kumar NAM3 824,912 204,218 1,029,130 243 AM0B206B04 Pummy Kaushik 1,042,772 1,052,772 205,003 1,257,775 244 AM0B206C01 Baiju Babu 1,022,708 824,998 197,710 1,022,708 245 AM0B206C04 Rama Shankar Shukla 860,540 860,539 206,048 1,066,587 246 AM0B206D02 Vishwas Goswami 825,236 825,236 197,765 1,023,001 247 AM0B207B02 Gurleen Kaur Dang 812,870 812,870 192,286 1,005,156 248 AM0B207B04 Nitya Prakash 800,500 826,250 192,098 1,018,348 249 AM0B207C01 Krishna Sharma 825,235 825,235 184,557 1,009,792 250 AM0B207D04 Pinki Kumari 825,236 825,235 197,572 1,022,807 251 AM0B208A01 Sonal Naveen Akkara 825,176 825,177 192,915 1,018,091 252 AM0B208A04 Abhishek Goel 1,096,702 852,245 206,424 1,058,670 253 AM0B208B02 Geeta . 824,417 824,417 192,085 1,016,502 254 AM0B208D01 Savita Mahajan 828,536 828,536 202,370 1,030,906 255 AM0B209A02 Kshitij Arora 825,237 825,237 197,765 1,023,002 256 AM0B209C02 Abha Yadav 823,219 823,219 199,320 1,022,539 257 AM0B210A01 S P Sharma 824,861 824,861 194,898 1,019,759 258 AM0B210A04 Har Gopal Arora 827,912 827,913 198,170 1,026,083 259 AM0B210B03 Ayodhya Kumar Singh 4,992,898 917,853 190,272 1,108,125 260 AM0B301A01 Vikram Singh 872,698 872,698 214,281 1,086,979 261 AM0B301A03 Jyotsna Upadhyay 872,897 872,897 214,330 1,087,227 262 AM0B301A04 Kapil Chugh 873,207 873,207 212,

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