NCLAT Delhi Closes CIRP Against Jaypee Healthcare Ltd After Full Settlement Of Financial Creditors' Claims
The National Company Law Appellate Tribunal (NCLAT), New Delhi bench comprising Justice Ashok Bhushan (Chairperson), Barun Mitra (Technical Member), and Arun Baroka (Technical Member) has set aside the Corporate Insolvency Resolution Process (CIRP) initiated against Jaypee Healthcare Limited after the settlement amount was disbursed to financial creditors.The appeals were filed against...
The National Company Law Appellate Tribunal (NCLAT), New Delhi bench comprising Justice Ashok Bhushan (Chairperson), Barun Mitra (Technical Member), and Arun Baroka (Technical Member) has set aside the Corporate Insolvency Resolution Process (CIRP) initiated against Jaypee Healthcare Limited after the settlement amount was disbursed to financial creditors.
The appeals were filed against orders passed by the National Company Law Tribunal (NCLT), Allahabad Bench, which initiated the CIRP against Jaypee Healthcare Ltd. and rejected the impleadment application. The NCLAT, after considering the affidavit submitted by the Interim Resolution Professional (IRP) and the Resolution Professional's proposal approved by the Committee of Creditors (CoC), noted that the entire amount equivalent to the financial creditors' claims had been deposited and disbursed.
Since the claims were fully settled, the NCLAT saw no reason to continue the CIRP and set aside the orders dated 14.06.2024 in Comp. App. (AT) (Ins.) Nos. 1301 & 1296 of 2024. The CIRP was closed. The concerned parties were directed to take necessary steps in accordance with the law.
Case Title: Jaypee Infratech Ltd. v. Jaypee Healthcare Ltd. & Ors.
Case Number: Company Appeal (AT) (Insolvency) Nos. 1301, 1186, and 1296 of 2024
For Appellants: Mr. Sumant Batra, Mr. Sanjay Bhatt, Ms. Nidhi Yadav, Mr. Sarthak Bhandari, Mr. Alok Dhir, Ms. Varsha Banerjee, Mr. Mahesh Agarwal, and others.
For Respondents: Mr. Vaijayant Paliwal, Mr. Nikhil Mathur, Ms. Kirti Gupta, Mr. Saurav Panda, Mr. Anoop Rawat, Mr. Aditya Marwah, Ms. Anushree Joshi, Advocates for JCF.
Mr. Raunak Dhillon, Ms. Surbhi Pareek, Ms. Aishwarya Gupta and Ms. Niharika Shukla, Advocates for IRP.
Date of Order: 17.10.2024