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:

APARTMENT OWNERS' ASSOCIATION OF EARTH COURT, JAYPEE GREENS, GREATER NOIDA

802, Earth Court Cluster, Jaypee Greens, Gr. NOIDA UP- 201310 ……….APPLICANT NO.1 APARTMENT OWNERS' ASSOCATION OF STAR COURT, JAYPEE GREENS, GREATER NOIDA ……….APPLICANT NO.2 Versus MR. BHUVAN MADAN (RESOLUTION PROFESSIONAL)

For Jaiprakash Associates Limited Having Address At:

Sector- 128, NOIDA, Uttar Pradesh- 201304, India ..............RESPONDENT 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. Vipul Raj Gautam with : For the Applicant Sh. Dhananjay Pundir, Advs.

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

ORDER

1. This present application is filed on 01.09.2025, by Apartment Owners Association of Earth Court, Jaypee Greens, (hereinafter referred to as Applicant/Association) under section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with rule 11 of the NCLT Rules, 2016 for seeking directions against the Resolution Professional (hereinafter referred to as Respondent) of M/s JaiPrakash Associates Limited, i.e., Corporate Debtor in purview of the circular dated 21.07.2025. The Applicant inter alia seeks the following prayers:

“a. Pass an order staying the unilateral and arbitrary increase in maintenance charges from INR 3.60 per sq. ft. to INR 5 per sq. ft., and direct that status quo be maintained with respect to the existing maintenance charges, pending independent authentication and verification of the claimed expenses by a neutral third-party agency or auditor, to ensure transparency, accountability, and protection of residents' interests.;

b. Pass an order directing an investigation into the conduct and actions of the Resolution Professional from the date of his appointment, in light of serious and consistent allegations of bias, collusion, and breach of his duties, as his actions have repeatedly favoured the Corporate Debtor under CIRP, while being detrimental to the rights, interests, and financial well-

being of the residents of Jaypee Greens Society, Greater Noida, UP at large.

c. Pass an order directing the Corporate Debtor to fully cooperate with the registered Apartment Owners' Associations (AOAs) in the formation and registration of a Federation of AOAs, and upon 25 its registration, to handover the complete responsibility of maintenance, including the Common Area Facilities and Shared Area Facilities, to the said Federation within a period of three months from the date of its registration. d. Pass an order setting aside the impugned Circular dated 21st July 2025 issued by the Resolution Professional, whereby the maintenance charges were arbitrarily and unilaterally increased, as being contrary to law, devoid of fairness, and in violation of the rights and interests of the residents of Jaypee Greens Society, Greater Noida.;

f. Such other order(s) as this Authority may deem fit and necessary in the interest of justice.”

2. The Applicant submits that the present application challenges the arbitrary and unilateral enhancement of maintenance charges for residents of Jaypee Greens Society, Greater Noida, vide Circular dated 21.07.2025, despite strong objections from various registered Apartment Owners Associations (AOAs).

3. It is submitted that when the alleged charges were initially proposed in the meeting by the Facility Management Department (FMD), several registered AOAs raised objections and sought detailed clarifications regarding the authenticity and credibility of the expenditure relied upon to justify the proposed increase, including verification of financial records and audited books by independent third-party agency, disclosure of financial