JUDGMENT

Dr. D.Y. CHANDRACHUD, J

1. Permission to file the Special Leave Petitions is granted.

2. These proceedings have been initiated under Article 32 of the Constitution for protecting the interests of home buyers in projects floated by Jaypee Infratech Limited [JIL]. JIL is a special purpose vehicle created by its holding company, Jaiprakash Associates Limited[JAL].

3. IDBI Bank Limited instituted a petition under Section 7 of the Insolvency and Bankruptcy Code 2016 [IBC] against JIL [CP (IB) 77/ALB/2017) ] before the National Company Law Tribunal [NCLT] at its Bench at Allahabad. The bank sought the initiation of a Corporate Insolvency Resolution Process [CIRP] against JIL. JIL filed its objections opposing admission of the petition. However, according to the petitioners, JIL withdrew its objections and furnished its consent for a resolution plan under the provisions of the IBC. IDBI Bank claimed that JIL had committed a default of Rs. 526.11 crores in the repayment of its dues. On 9 August 2017, NCLT initiated the CIRP in respect of JIL. An order of moratorium was issued