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New Delhi: Insolvency Appellate Tribunal NCLAT said on Tuesday that he would hear the plea of Yamuna Expressway Industrial Development Authority (Yes), which challenged the NCLT order granting approval security groupbid to acquire the debt-ridden Jaypee Infratech, However, the National Company Law Appellate Tribunal (NCLAT)NCLAT) refused to stay the order passed by the National Company Law Tribunal on March 7, saying the matter required an early decision.
Finding “Adequate Qualification” in YesNCLAT issues notice on appeal for more compensation to farmers security group Along with the monitoring panel constituted to implement the resolution plan on Yeda’s petition.
A two-judge bench headed by Chairman Justice Ashok Bhushan said that the appeal filed by YEIDA on the NCLT verdict “requires early decision”.
The Appellate Tribunal further noted that the NCLT in its order dated March 7, 2023 “set aside the claim of compensation of the Appellant (YEIDA) Additional Farmers by allotting an amount of Rs.10 Lakhs to the Respondents (Safety Group and Safety Group Monitoring Committee) is the amount to which the appellant is entitled and the said judgment under challenge in this appeal, we find sufficient ground to consider and hear the appeal.”
The bench further said that it has found sufficient ground to consider Yeda’s appeal.
“We are of the view that the impugned judgment of the NCLT with regard to determination of the claim of YEIDA in respect of additional compensation shall not be relied upon for determination of any liability between the appellant and the corporate debtor (JIL) and the rights of the parties concerned. with regard to bearing the compensation claim of Rs.
However, the NCLAT also clarified that there will be no stay on the implementation of the resolution plan of the security group.
“We make it clear that the pendency of this appeal and the aforesaid interim order cannot be treated as any impediment in the implementation of the scheme so far as other aspects of the scheme are concerned.”
Meanwhile, the NCLAT also directed that the NCLT order “shall not be relied upon in determining the rights and liabilities of the appellant and the corporate debtor in the proceedings pending arbitration before a commercial court”.
YEIDA, which had entered into a concession agreement with Jaypee in February 2003, had filed claims of Rs 6,111.59 crore, mainly on account of pending works and external development charges (EDCs), unexecuted external development works and other future works. .
It also sought 64.7 per cent additional compensation payable to farmers from whom it had acquired land. Accordingly, YEIDA raised a demand/claim of approximately Rs 1,689 crore towards additional compensation payable to the farmers.
However, the NCLT dismissed the claims saying “it does not find any illegality in treating the claim of YEIDA as operational debt by the SRA/security and making provision for its payment as per the provisions of IBC, 2016” “.
The Corporate Insolvency Resolution Process (CIRP) against JIL was initiated in August 2017 on an application filed by a consortium led by IDBI Bank.
In the fourth round of the bidding process to find a buyer for JIL in 2021, Suraksha Group won the bid with 98.66 per cent votes. At least 12 banks and more than 20,000 homebuyers have voting rights in the Committee of Creditors (CoC).
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