The National Company Law Appellate Tribunal has given its conditional approval to the implementation of NBCC (India)’s Resolution Plan for Jaypee Infratech. Justice Bansi Lal Bhat and Member (Judicial), Justice Anant Bijay Singh has passed the order and said that the approval will be subjected to the outcome of the appeal concerning the modification of the resolution plan by the Adjudicating Authority.
Advocates Prateek Kumar, Siddharth Srivastava, Mohit Kishore appeared for NBCC (India).
ICICI Bank was represented by Advocates Misha, Mahima Sareen of Shardul Amarchand Mangaldas.
RP was represented by Senior Advocate Sumant Batra.
Advocate Bishwajit Dubey of Cyril Amarchand Mangaldas appeared for IDBI Bank.
The appeal was made against an order of National Compnay Law Tribunal, Allahabad, modifying NBCC’s Resolution Plan after the same was approved by the Committee of Creditors. The NCLT had allowed objections of ICICI Bank and Yamuna Expressway Industrial Development Authority and directed payment to unclaimed Fixed Deposit Holders.
As per the implementation of NBCC’s resolution plan, it has been ordered,
“Meanwhile, till further orders, the approved ‘Resolution Plan’ may be implemented subject to outcome of this Appeal. The Interim Resolution Professional may constitute ‘Interim Monitoring Committee’ comprising the ‘Successful Resolution Applicant’, i.e., the Appellant and the three major Institutional Financial Creditors, who were Members of the ‘Committee of Creditors’ as named above.”
It has further ordered that the Resolution Professional shall continue to be paid as may be deemed reasonable by the Interim Monitoring Committee as it would be a part of Interim Monitoring Committee.
These directions would last till the disposal of the appeal.
Read the Order here: