Case Details

Case Name: ICICI Bank Ltd V/S Jaiprakash Associates Ltd

Court/Authority: National Company Law Tribunal Allahabad Bench Prayagraj

Case Number: CP (IB) No.330/ALD/2018

Date of Order: 21st May, 2026

Presiding Members: Shri Praveen Gupta (Hon'ble Member Judicial), Shri Ashish Verma (Hon'ble Member Technical)

Parties Involved

Petitioner/Creditor: ICICI Bank Ltd

Corporate Debtor: Jaiprakash Associates Ltd

Other Parties Involved: IFCI Ltd (Applicant/Respondent in various IAs), Monitoring Committee, Erstwhile Resolution Professional

Legal Counsel Appeared: Sh. Sumit Agarwal, Adv.; Sh. Arpit Malviya, Adv.; Ms. Nimita Kaul, Adv.; Ms. Khushboo Sai Khurana, Proxy; Dr. Farrukh Khan, Adv.; Ms. Aakanksha Nehra, Adv.

Issues / Allegations / Violations

This hearing concerns multiple Interlocutory Applications (IAs) filed in relation to an already approved Resolution Plan under Section 7 of the Insolvency and Bankruptcy Code (IBC). The specific applications mentioned are:

  • IA No.885/2025, IA No.887/2025, IA No.893/2025, IA No.907/2025, IA No.908/2025, IA No.913/2025
  • IA No.86/2026, IA No.215/2026, IA No.230/2026, IA No.247/2026, IA No.248/2026, IA No.249/2026, IA No.250/2026, IA No.251/2026, IA No.252/2026, IA No.253/2026

The applications identified as PUFE (Preferential, Undervalued, Fraudulent, Extortionate) applications were filed by the erstwhile Resolution Professional.

Findings & Observations

The Tribunal noted that the Resolution Plan has already been approved for Jaiprakash Associates Ltd. The monitoring committee was represented through virtual hearing.

Penalties / Settlements / Directions

No penalties or settlements were ordered in this hearing. The Tribunal issued procedural directions:

  • For IA No.885/2025, IA No.887/2025, IA No.893/2025, IA No.907/2025, IA No.908/2025, IA No.913/2025, IA No.86/2026, IA No.247/2026, IA No.248/2026, IA No.249/2026, IA No.250/2026, IA No.251/2026, IA No.252/2026 & IA No.253/2026: Non-applicants/respondents granted two weeks to complete pleadings, followed by another two weeks for filing counters with exchanged copies. These applications scheduled for hearing on 27th July, 2026.
  • For IA No.230/2026: The applicant waived the right to file any rejoinder to the reply filed by the monitoring committee. The application scheduled for hearing on arguments on 1st July, 2026.

Final Ruling & Enforcement

The order constitutes procedural directions for scheduling future hearings rather than a final ruling on the substantive matters. The enforcement of these timelines will be monitored in subsequent hearings scheduled for July 2026.