ALLAHABAD BENCH, PRAYAGRAJ ________________________________________________________________

IA No.77/2025 IN CP(IB)No. 330/ALD/2018 (An application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules, 2016).

IN THE MATTER OF:

M/S RENAISSANCE REALTY Through its partner Sh. Rakesh Mehra D-995, New Friends Colony New Delhi -110062 …………Applicant Versus RESOLUTION PROFESSIONAL OF CORPORATE DEBTOR JAI PRAKASH ASSOCIATES LIMITED Jaypee Greens, Sector -128, Noida Uttar Pradesh -201304 ………..Respondent AND IN THE MATTER OF:

ICICI BANK LIMITED ………..Financial Creditor Versus M/S JAIPRAKASH ASSOCIATES LIMITED ………..Corporate Debtor Order Pronounced on: 17.03.2026 Coram:

Sh. Praveen Gupta : Member (Judicial)

Sh. Ashish Verma : Member (Technical)

Appearances:

Sh. Yash Tandon, Adv. : For the Applicant Dr. Farrukh Khan with Sh. Dinkar Tiwari & : For the Res./RP Ms. Khushboo Sai Khurana, Advs.

ORDER

1. This present application is filed on 13.02.2025, by M/s Renaissance Realty (hereinafter referred as “Applicant”) under section 60(5) of the Insolvency and Bankruptcy Code, 2016 (“Code”) read with Rule 11 of National Company Law Tribunal Rules, 2016 against the Resolution Professional (hereinafter referred as “Respondent/RP”) of Jaiprakash Associates Limited i.e., Corporate Debtor. The Applicant inter alia seeks the following prayers:

“ Allow this application and be pleased to issue order or directions commanding the Resolution Professional of the Corporate Debtor to handover Possession and execute sub- lease deed of Unit No. KLP0082402 – KALYPSO Court, Jaypee Greens, Noida to the applicant without anu further delay and pass such order or further orders as this Hon'ble Tribunal may deem fit and proper for meeting the ends of justice and not to create 3^rd party rights over the unit of the applicant till pendency of the present application.”

2. The brief facts as submitted by the Applicant are as follows:

a. The Corporate Debtor i.e. Jai Prakash Associates floated a group housing project in the name of “Jaypee greens Kalypso Court (Phase- II)” having registration No. UPRERAPRJ4695. The applicant in the present case booked a residential flat bearing Unit Reference No. KLP0082402 as per payment schedule provided in the provisional allotment letter and paid to the extent of Rs. 4,84,29,567 (Four Crores eighty-four lakh twenty-nine thousand and five hundred and sixty-

seven only) to the Corporate Debtor.

b. The Applicant submits that as per provisional allotment letter dated

18.10.2012, possession of the allotted unit was to be given within 36 months i.e. by 18.12.2015 and since the Corporate Debtor having failed to deliver the possession as per the timeline stipulated in the allotment letter, the Applicant has taken up the matter before the Ld. Uttar Pradesh Real Estate Regulatory Authority, (UP RERA) Gautam Budh Nagar, which passed an order on 06.10.2020. The two translated extracts of the order passed by the Ld. UP RERA reads as under:-

“1. The defendants should provide the physical possession of the unit allotted to the plaintiffs along with OC/CC by September 2021

2. The defendant should pay delayed period interest to plaintiff Rajesh Mehta from 01.09.2011 and to plaintiff M/s Renaissance Realty from 19.10.2015 to 30.04.2016 as per the contract and from 01.05.2016 till the date of receipt of OC by the said plaintiffs or offer of possession, whichever is later, interest at the rate of MCLR+1%. The final amount will be paid to the plaintiffs will be adjusted in the final amount payable and the balance left at the time of handing over the possession shall be paid to complainant……

5. In case the defendant does not give the possession of the unit to the plaintiffs by September 2021, the plaintiffs will be free to submit an application before RERA for refund of the deposited amount along with interest after September 2021.”

c. It is submitted that despite passage of sufficient time, the Builder/

Corporate Debtor failed to