ALLAHABAD BENCH, PRAYAGRAJ ___________________________________________________________

IA No.532 of 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:

Mr. Arvind Verma Residence of: 2C, Pocket-3 Mayur Vihar Phase-1 East Delhi- 110091 ..........Applicant No. 1 Mrs. Sheetal Verma Residence of: 12C, Pocket-3 Mayur Vihar Phase-1 East Delhi- 110091 ..........Applicant No. 2 Mr. Pramod Kumar Mitra Residence of: Flat 1704, Tower 12, Kalypso Court, Jaypee Wish Town, Sector 128, Noida- 201304 ..........Applicant No. 3 Mr. Venkat Balasubramanian Residence of: 15/129, HIG Duplex, Vasundhara, Ghaziabad, U.P.-201012 ..........Applicant No. 4 Mrs. Vasumati Balasubramanian Residence of: 15/129, HIG Duplex, Vasundhara, Ghaziabad, U.P.-201012 ..........Applicant No. 5 Mr. Abhimanyu Nehra Residence of: 601, Tower 5, Knight Court Jaypee Wishtown, Sector 128, Noida- 201304 ..........Applicant No. 6 Versus Mr. Bhuvan Madan Resolution professional of Jaiprakash Associate Limited

64/4, Site-4, Industrial Area, Sahibabad, Ghaziabad, U.P.- 201010 ..........Respondent AND IN THE MATTER OF:

ICICI Bank Limited ….. Operational Creditor Versus Jaiprakash Associate Limited …….. Corporate Debtor Order pronounced on: 17.03.2026 Coram:

Sh. Praveen Gupta : Member (Judicial)

Sh. Ashish Verma : Member (Technical)

Appearances:

Sh. Tanmay Sadh, Anuj Srivastava : For the Applicant Sh. Anoop Rawat with Sh. Sagar : For the Resolution Dhawan, Sh. Vaijayant Paliwal, Professional Sh. Aditya Marwah, Sh. Nikhil Mathur, Sh. Ahkam Khan, Sh. Udbhav Nanda, Sh. 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. The instant Application has been filed by Applicants, who are homebuyers/allottees of residential apartments in the project “Knight’s Court” situated at J.P. Greens, Sector-128, Noida, developed by the Corporate Debtor, M/s Jaiprakash Associates Limited (JAL). (hereinafter referred as “Applicants”) on 31.07.2025 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as “the Code”) read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking inter alia the following prayers:

a. To allow the present Application;

b. To Declare the Process Note issued by the RP for handling over possession as illegal, arbitrary and contrary to the provisions of the Conciliation Agreement, Legal Rights Protection Agreement and the Order under Section 8 of the RERA Act passed by UP RERA;

c. To Declare the Affidavits/Undertakings taken from the Applicants by the RP, waiving their rights to claim delay penalties under RERA, as null, void and illegal, having been obtained under coercion and in violation of statutory protections;

d. To Direct the RP to complete the projects strictly in accordance with the Conciliation Agreements, Legal Rights Protection Agreements and the Orders passed by UP RERA as per original specifications or compensate adequately for similar specifications;

e. To Direct the Respondent to immediately provide the basis of calculating the illegal scope discounts provided to the Applicants as against the handing over possession of unfinished apartments to the Applicants;

f. To declare the impugned action of the Respondent in removing the names of the Applicants from the List of Creditors as illegal and direct the Respondent to accept the updated claims of the Applicants and restore the names of the Applicants in the List of Creditors;

g. To Direct the Respondent to refund the entire amount as charged by Respondent from the Applicants at the time of Offer of Possession, being contrary to the terms and condition of the Conciliation Agreement, Legal Rights Protection Agreement and the Order of RERA passed under Section 8 of the RERA Act; due to the following A) Additional Area:

B) Farmer’s Compensation since letter from JAL