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TMI Blog2023 (11) TMI 264X X X X Extracts X X X X X X X X Extracts X X X X ..... a , Advocates JUDGMENT Per : Justice Rakesh Kumar Jain : This appeal arises from the order dated 27.06.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Allahabad Bench, Special Bench, Prayagraj) by which CP (IB) No. 512/ALD/2019 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (in short 'Code') by Yes Bank Limited (Financial Creditor) seeking to initiate Corporate Insolvency Resolution Process (in short 'CIRP') against Jaypee Healthcare Limited ( in short 'JHL') (Corporate Debtor) for the resolution of an amount of Rs. 378.02 Crore as on 31.10.2019 has been ordered to be kept in abeyance. 2. Shorn of unnecessary details, it transpired that Jaypee Infratech Limited (in short 'JIL') as a holdin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so deem it appropriate to clarify that the processing of the modified/fresh resolution plans, as permitted and envisaged by this judgment, is required to be completed within the extended time and for that matter, the other aspects like reconciliation of accounts between JAL and JIL or resolution of the issues related with the financial creditor of the subsidiary of the corporate debtor shall be the matters to be dealt with separately and decision on the resolution plan by the Committee of Creditors need not wait the resolution of those issues." 3. It is pertinent to mention that the aforesaid Judgment was delivered on 24.03.2021 but in the meantime the present Appellant (Yes Bank) filed the application under Section 7 of the Code on 02.12 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ., CA (AT) (Ins) No. 683 of 2018 decided on 16.01.2019. The said order is reproduced as under: - "1. Having heard learned counsel for the parties, we find that a separate Corporate Insolvency Resolution Process has been initiated against 'Alok Industries Ltd.' (Holding Company). Subsequently, another Corporate Insolvency Resolution Process has been initiated pursuant to application filed by another financial creditor against 'Alok Infrastructure Ltd.' (Subsidiary of Alok Industries Ltd.). This appeal has been preferred by Mr. Ashok B. Jiwrajka', Director of 'Alok Infrastructure Ltd.' against order dated 24th October, 2018 whereby and whereunder Corporate Insolvency Resolution Process has been initiated against ' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the Corporate Insolvency Resolution Process initiated against 'Alok Infrastructure Ltd.' and the Resolution Professional, the Committee of Creditors and the Adjudicating Authority will continue with the same in accordance with law within the time specified in the law. 5. The appeal stands disposed of with aforesaid observations. No costs." 7. On the other hand, Counsel appearing on behalf of the Respondent has vehemently argued that proceeding in regard to CIRP of JIL and JAL are mixed up as a result of which the impugned order has been passed for keeping this matter in abeyance. In this regard, he has referred to Paragraph 185 and 186 of the Judgment rendered by the Hon'ble Supreme Court in the case of Jaypee Kensington Boulevar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h 182.2 of the judgment of Hon'ble Supreme Court in the matter of Jaypee Kensington Boulevard Apartments Welfare Association & Ors. (supra) to point out that the proposition given by Yes Bank noted in sub-paragraph (ff) in para 182.2 was regarding evolving a workable mechanism with regard to the monetization of assets of JHL and that it was with reference to the resolution plan submitted by NBCC. He has clarified that the resolution plan submitted by NBCC was not acted upon and the resolution plan of Suraksha Realty was approved. 10. Senior Counsel for Appellant has further brought to our notice clause (xi) of para 182.2 of the same judgment to contend that JHL lenders will have all rights to enforce its securities, once the date of 30.6.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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