Jaypee Infratech homebuyers must be treated as one class, says NCLT

The matter was referred to a third judge by NCLT chairperson after two Allahabad NCLT gave differing views on voting rights of financial creditors in CoC meetings

A reference Bench of the National Company Law Tribunal (NCLT) has held that homebuyers in the Jaypee Infratech case should be considered a part of the committee of creditors (CoC) and “must be construed as one and cannot be segmented class-wise, particularly for computation of voting share”.

The reference Bench was formed on the instructions of the NCLT President Justice M M Kumar after two judges of the Allahabad Bench of the NCLT had given differing views on voting rights of the financial creditors in the CoC meetings of Jaypee Infratech. 

While the judicial member had held that all creditors,