(A.M. Khanwilkar and Dinesh Maheshwari, JJ.)
Anuj Jain Interim Resolution Professional for Jaypee Infratech Limited __________________________________________________ Appellant;
v.
Axis Bank Limited etc. etc. ________________________ Respondent(s).
Civil Appeal No(s). 8512-8527/2019, decided on December 10, 2019
(For Admission and IA No. 169228/2019-Ex-Parte Stay) With C.A. No. 6777-6797/2019 (XVII) (For Admission and I.R. and IA No. 134370/2019-Exemption From Filing C/C of the Impugned Judgment) Diary No(s). 32881/2019 (XVII) (For Admission and IA No. 172262/2019-Permission to File Additional Documents/Facts/Annexures and IA No. 173663/2019-Permission to File Additional Documents/Facts/Annexures, IA No. 190464/2019-Permission to File Appeal, IA NO. 190465/2019-Stay Application, IA No. 190466/2019-Exemption From Filing C/C of the Impugned Judgment and 190467/2019-Permission to File Additional Documents/Facts/Annexures)
The Order of the court was delivered by
Order
1. I.A. No. 190464/2019-Application seeking permission to file appeal(s) is allowed.
2. Appeal(s) are admitted.
3. Arguments in Civil Appeal @ Diary No(s). 32881/2019 were concluded on 28.11.2019.
4. Thereafter, the arguments in the companion appeal(s) (C.A Nos. 8512-8527/2019 and C.A. No. 6777-6797/2019) commenced and have been concluded today i.e. 10th December, 2019.
Civil Appeal @ Diary No(s). 32881/2019
5. These appeals take exception to the decision of the National Company Law Appellate Tribunal allowing the appeal(s) filed by the lender-Banks of Jayprakash Associates Limited (JAL) claiming to be financial creditor(s) of Jaypee Infratech Limited (JIL). The National Company Law Tribunal had rejected that claim but we find that in the impugned judgment, without dealing with the reasons recorded by the National Company Law Tribunal, the Appellate Tribunal allowed the appeal(s) filed by the stated lender-Bank(s), who were claiming to be the financial creditor(s) of JIL.
6. After fully hearing counsel for the parties, prima facie, we are of the view that lender-Banks of JAL cannot be regarded as financial creditor(s) of JIL. We would elaborate on this aspect in our final judgment. Be that as it may, it is appropriate that we must stay the operation of the impugned judgment(s) of the Appellate Tribunal lest any confusion occurs in the revival process of JIL and the constitution of Committee of Creditors thereof, in view of the impugned order passed by the National Company Law Appellate Tribunal. Ordered accordingly.
7. We clarify that the stay of operation is only in respect of order passed on the application(s) moved by the lender-Bank(s) of JAL before the National Company Law Appellate Tribunal for a declaration that they be regarded as financial creditor(s) of JIL and included in the Committee of Creditors of JIL.
C.A Nos. 8512-8527/2019, 6777-6797/2019 and Diary No. 32881/2019
8. Hearing concluded.
9. Judgment reserved.
10. Counsel for the concerned parties are free to file additional written submissions, not exceeding five pages each before 16th December, 2019.
11. The Registry shall not accept any written submissions tendered after 16th December, 2019.
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