TaxTMI 
TaxTMI 
TaxTMI 
2025 (11) TMI 310
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....023 + INR 5.78 Crores accrued on INR 265.21 Crores for the period from 07.03 .2023 up to 05.08.2023) into the bank account of the Applicant; c. Alternatively, Issue necessary directions to the Ld. Adjudicating Authority to list and pass appropriate orders in IA No. 3625 of 2024; d. Pass any other/further order(s) which may be deemed fit and proper in the fact and circumstances of the present case." 2. Brief facts necessary to be noticed for deciding the Application are: (i) Jaypee Infratech Ltd. ("JIL") is a real estate company engaged in construction of various residential/ commercial projects. Jaiprakash Associated Ltd. ("JAL") is a holding company of Jaypee Infratech Ltd. (ii) Various homebuyers of Jaypee Infratech Ltd. filed Writ Petitions under Article 32 of the Constitution of India in the Hon'ble Supreme Court namely Chitra Sharma and Ors. vs. Union of India and Ors. In the Writ Petition (Civil) No.744 of 2017, the Hon'ble Supreme Court passed an interim order directing JAL to deposit Rs. 2000 crores in the registry of the Hon'ble Supreme Court. JAL, holding company of JIL deposited Rs. 750 crores. The Hon'ble Supreme Court disposed of ....
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.... construction for Homebuyers. It is clarified that this relief is not linked to reconciliation directed by Hon'ble Supreme Court in Jaypee Kensington Judgement and is sought independently, in the interest of justice." [Suraksha Plan, internal p. 137] (Emphasis supplied) 111. It is stated by JAL that the SRA has no right whatsoever to participate in the reconciliation process or to give treatment to the amount in the Resolution plan which is a subject matter of the Reconciliation Process. Further, the Hon'ble Supreme Court made it clear in the Jaypee Kensington (at para 224) that the reconciliation process and the approval of the resolution plan were to be kept separate and that the process of approval of the resolution plan was not to be made dependent on the outcome of the reconciliation process." (iv) Both, JAL and JIL filed Company Appeal (AT) (Ins.) Nos.302 and 507 of 2023 respectively, challenging order dated 07.03.2023 and this Tribunal vide its judgment and order dated 28.08.2023 decided both the Appeal(s) and directions issued by NCLT were modified. It is useful to notice paragraphs 51, 52 and 53 wherein following was held by this Tribunal....
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....ation & Ors. vs. NBCC (India) Ltd. & Ors., Civil Appeal No. 3395/2020". Learned counsel for the Appellant submits that it was clearly held by the Hon'ble Supreme Court that Rs. 750 Crore which was deposited by the Appellant with accrued interest is asset of the Appellant. It is submitted that insofar as amount of Rs. 106.90 Crore which was towards Interest Free Maintenance Deposit, without prejudice to its contentions, the said amount may be released in an escrow account to be maintained by the Monitoring Committee. Dr. Singhvi further submitted that the order of the Hon'ble Supreme Court clearly intended for reconciliation of the amount between the Appellant and the JIL and the findings which were recorded in favour of the Appellant at paras 12, 40, 60, 72 and 77 have not been given effect in the impugned order in operative paras 109 to 111. However, he submits that as on date, he does not dispute that apart from the amount which was held in favour of the Appellant, the Appellant has no objection to release of the amount to the Monitoring Committee i.e. amount of Rs. 265.21 Crore. 5. In view of the aforesaid, we issue notice in the Appeal. Let Reply be filed by the Respon....
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....its that when interim order was passed on 16.03.2023 by this Tribunal in Company Appeal (AT) (Ins.) No.302 of 2023, the JIL became entitled to receive the amount of Rs. 265.21 crores, which amount could be paid only on 05.08.2023, hence, the JIL was entitled to interest from 07.03.2023 to 05.08.2023. It is further submitted that after final decision in the Appeal on 28.08.2023, the Applicant could receive the amount only on 01.02.2024, hence, the Applicant was entitled for interest from 28.08.2023 till 01.02.2024, when it received the amount. It is submitted that the said amount of interest, which ought to have been paid to JIL has been released by the Registry of the NCLT in favour of JAL. It is submitted that although the amount, which was paid to the JIL as per order of NCLT and NCLAT as per entitlement of JIL, has been paid, but the amount of interest from the date of interim order as well as from the final judgment has not been paid to the Applicant. Hence, the application has been filed for seeking directions. It is submitted that amount has been paid by the Registry after taking indemnity from both the parties, hence the amount paid to JAL, which was entitlement of Applicant....
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....nsel for the Applicant submitted that Applicant is not claiming any interest on its entitlement out of Rs. 750 crores, since it has already been held that amount of Rs. 750 crores deposited by JAL, which amount along with accrued interest is the assets of the JAL. The submission of Shri Suman Batra is that after the NCLT determined the entitlement on 07.03.2023, the Applicant became entitled to receive the amount as determined by the NCLT and thereafter, an interim order was passed by this Tribunal in this Appeal and thereafter final judgment. The entitlement as per interim order passed in the Appeal, which is undisputed fact gave right to the Applicant to claim interest at least from the said date. After interim order, which was passed by this Tribunal on 16.03.2023, the Applicant could receive the amount on 05.08.2023, hence, interest from 16.03.2023 to 05.08.2023 was clear entitlement of the Applicant. Further, after final judgment on 28.08.2023, the balance amount could be paid only on 01.02.2024, hence, the Applicant is entitled to interest during the said period. It is submitted that the Applicant is not claiming any amount based on MoU dated 18.10.2023 entered between JIL an....
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....icant is entitled for interest from 16.03.2023, when the interim order was passed by this Tribunal in Company Appeal (AT) (Ins.) No.302 of 2023 directing for payment of Rs. 265.21 crores to the Monitoring Committee. When we look into the interim order, paragraphs 4, 5 and 6 as noted above, the statement of JAL was recorded that the "Appellant has no objection to release the amount to the Monitoring Committee i.e. amount of Rs. 265.21 crores" and consequently direction for release was issued. A perusal of the order indicates that no time-period was fixed by this Tribunal for release of the amount by the Registry of NCLT, nor there was any direction that amount, if not released in a particular time, the entitlement of JIL for receiving the amount with interest shall arise. 11. There is no dispute that in pursuance of the interim order dated 16.03.2023, the amount of Rs. 265.21 crores was released to the applicant on 05.08.2023. The Applicant's case that he became entitled for the interest on the aforesaid amount, which was directed to be released by order dated 16.03.2023 from the date when order was passed, cannot be accepted. This Tribunal did not fix any time limit for payment ....