ALLAHABAD BENCH, PRAYAGRAJ (An application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, R/w Rule 11 of NCLT Rules, 2016)

IN THE MATTER OF:

JAYPEE SPORTS CITY WELFARE SOCIETY (Through Its President Mr. Ram Pukar Maurya)

Having Its Regd. Office At:

803, Tower 8, Zen Spire, Ramprasth Green, Sector 9, Vaishali, Ghaziabad, Uttar Pradesh- 201 010 ............Applicant Versus JAIPRAKASH ASSOCIATES LIMITED (Through Resolution Professional Mr. Bhuvan Madan)

Having Its Office At:

A-103, Ashok Vihar, Phase-3, Behind Laxmi Bai College, New Delhi-110 052 Also At:

Jaiprakash Associates Limited, 64/4, Site-IV, Industrial Area, Sahibabad, Ghaziabad, Uttar Pradesh-201010 ...........Respondent No.1 YAMUNA EXPRESSWAY INDUSTRIAL DEVELOPMENT AUTHORITY Having Its Office At:

First Floor, Commercial Complex, P-2, Sector-Omega I, Greater Noida, Gautam Budh Nagar, Uttar Pradesh - 201 308 ...........Respondent No.2 AND IN THE MATTER OF:

ICICI BANK LIMITED …………Financial Creditor Versus JAIPRAKASH ASSOCIATES LIMITED …………Corporate Debtor Order pronounced on 17.03.2026 Coram:

Mr. Praveen Gupta. : Member (Judicial)

Mr. Ashish Verma : Member (Technical)

Appearances:

Sh. Devadatt Kamat, Sr. Adv. assisted by : For the Applicant Sh. Abhinav Jaganathan with Sh. Abhishek Kumar Singh, Sh. Harsh Pandey & Sh. Hruday Bajendtri, Advs.

Sh. Anoop Rawat with Sh. Sagar Dhawan, : For the Res./ RP Sh. Vaijayant Paliwal, Sh. Aditya Marwah, Sh. Nikhil Mathur, Sh. Ahkam Khan, Sh. Udbhav Nanda, Ms. Kirti Gupta, Ms. Varnika Taya, Ms. Rashi Sharma, Ms. Diksha Sharma, Ms. Ananya Khanna, Ms. Aditi Rathore, Ms. Shreya Gupta &

Ms. Gunjan Jadwani, Advs.

ORDER

1. This present application is filed on 10.01.2026, by Jaypee Sports City Welfare Society (hereinafter referred to as Applicant) under 60(5) of the Insolvency and Bankruptcy Code, 2016 (“Code/IBC”) read with Rule 11 of the NCLT Rules, 2016 against M/s Jai Prakash Associates Limited, i.e., Corporate Debtor/JAL/Respondent No.1, Yamuna Expressway Industrial Development Authority (Respondent No. 2) and Mr. Amar Pal, Authorised Representative of Financial creditors in class for seeking permission to intervene in the resolution plan I.A. NO. 11 / PLAN /

2025. The Applicant inter alia seeks the following prayers:

“(i) to intervene in the present proceedings;

(ii) to direct Respondent No. 1, Resolution Professional, to provide a copy of the Resolution Plan submitted for approval before this Hon'ble Tribunal;

(iii) to permit the applicant to file objections to the Resolution Plan;

(iv) to stay the present proceedings till the time Civil Appeal No. 9988 of 2025 is not disposed off by the Hon'ble Supreme Court of India;

(v) to grant such other or further orders be passed and directions be given as this Hon'ble Tribunal may deem fit and proper in the interest of justice.”

2. The Applicant herein is a registered society comprising more than 1000 allottees of plots/ flats by the Corporate Debtor in the group housing project ‘Jaypee Sports City’, proposed to be developed by the Corporate Debtor on land allotted by YEIDA. It is submitted that, in terms of the judgment dated 10.03.2025 passed by the Hon’ble High Court of Allahabad in Writ-C No. 6049 of 2020, the Applicant claims to have protected rights in respect of the said project. The Applicant further contends that such rights may be adversely affected by the undisclosed Resolution Plan submitted before this Tribunal under the provisions of the Code.

3. The Applicant submits that its primary grievance pertains to the approval of the Resolution Plan on 18.11.2025 in view of the directions passed by the Hon’ble High Court of Allahabad vide judgment dated 10.03.2025, which protect the interests of the homebuyers, including completion of the housing project irrespective of the cancellation of the lease/allotment of the Corporate Debtor over the subject housing project land. It is submitted that although the said judgment has been challenged by the Resolution Professional (RP) of the Corporate Debtor