Adjudication Outcome: Payment Plan, Acquisition Costs, Homebuyers' Objections

The Adjudicating Authority directed payment to dissenting financial creditor ICICI Bank in cash over twelve monthly instalments with accruing interest. YEIDA was allowed to collect acquisition costs through SPVs as per the Concession Agreement terms. Provisions were made to clear fixed deposit holders' dues, even for unclaimed holders. Objections by some homebuyers were dismissed, distinguishing them from financial creditors. YES Bank's objections were settled through a Committee with NBCC. Agreement holders could cancel invalid agreements and seek remedies. General reliefs and concessions were addressed, with some granted and others declined. NCLAT issued an interim arrangement for implementing the resolution plan pending appeal outcome, forming an Interim Monitoring Committee.

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Issues Involved:
1. Treatment of dissenting financial creditor ICICI Bank.
2. Objections by YEIDA regarding compliance with the Concession Agreement.
3. Provisions for fixed deposit holders.
4. Objections by some homebuyers.
5. Objections by YES Bank.
6. Rights of agreement holders.
7. General reliefs and concessions in the resolution plan.
8. Interim arrangement by NCLAT.

Issue-Wise Analysis:

1. Treatment of Dissenting Financial Creditor ICICI Bank:
The Adjudicating Authority held that payment to the dissenting financial creditor ICICI Bank should be made in cash, as per the amount it would be entitled to under Section 53 of the Code. The payment was to be made in twelve monthly instalments with interest accruing six months post the order. The Authority asserted its jurisdiction to modify the resolution plan to ensure compliance with Section 30(2) of the Code without altering its basic structure.

2. Objections by YEIDA:
The Adjudicating Authority allowed YEIDA to collect the acquisition cost through the SPVs proposed in the resolution plan, aligning it with the terms of the Concession Agreement. However, the Authority refrained from adjudicating the issue of additional compensation for the land under the Expressway, leaving it for future action by the parties. The Authority mandated the execution of necessary documents for transferring rights and obligations to the SPVs, involving JIL, YEIDA, and the concerned SPV.

3. Provisions for Fixed Deposit Holders:
The Adjudicating Authority directed the resolution applicant to make provisions to clear the dues of even those fixed deposit holders who had not made claims, modifying the resolution plan to satisfy the dues of unclaimed fixed deposit holders.

4. Objections by Some Homebuyers:
The Adjudicating Authority dismissed the objections of some aggrieved homebuyers, stating that they could not be categorized or treated as dissenting financial creditors.

5. Objections by YES Bank:
The Adjudicating Authority noted that no intervention was required as YES Bank had agreed to settle its objections with NBCC by forming a Committee.

6. Rights of Agreement Holders:
The Adjudicating Authority observed that if an agreement was invalid in law and lacked consideration, it could be canceled by the concerned party. However, the agreement holders retained the right to seek remedy in a competent forum even if such a clause was mentioned in the resolution plan.

7. General Reliefs and Concessions:
The Adjudicating Authority addressed the clauses relating to 'reliefs and concessions' in Schedule 3 of the resolution plan and various other applications filed by different stakeholders. Some reliefs and concessions sought by the resolution applicant were not granted or were declined for specified reasons. Other applications/objections were disposed of with a few comments.

8. Interim Arrangement by NCLAT:
The NCLAT, while issuing notice to unrepresented parties, directed that the approved resolution plan may be implemented subject to the outcome of the appeal. An Interim Monitoring Committee was constituted, comprising the successful resolution applicant (NBCC) and three major institutional financial creditors, who were members of the Committee of Creditors (CoC). This interim order was issued to manage the affairs of the corporate debtor until the appeal was resolved.

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