The Allahabad bench of National Company Law Tribunal has held that disclosure of the names of homebuyers in the list of creditors will not result in violation of privacy. The Tribunal was dealing with the resolution process of JaypeeInfratechLtd(JIL), following directions from the Supreme Court. The SC had directed on August 9 to include homebuyers in the Committee of Creditors (CoC), and directed the Tribunal to conclude the proceedings.

Following this, the Interim Resolution Professional (IRP) moved an application seeking to dispense with the disclosure of names of the homebuyers. While displaying the details of allottees of real estate project of JIL on the website, IRP mentioned the unique code number assigned to the allottees instead of giving their names. According to the IRP, the investment in flats or plots of land by allottee is information private to the allottees and displaying their names and other personal details without their consent may amount to breach of privacy of any allottee. However, this plea was opposed by IDBI bank and other lenders, who initiated the insolvency process against JIL. It was pointed out that Regulation 13(2) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016(CIRP Regulations) mandated disclosure of the names of the creditors. The SC had directed the IRP to act in accordance with the provisions of the Insolvency & Bankruptcy Code (IBC). They also stated that seeking exemption from publication of names gave rise to apprehension that some of the home buyers may not be genuine.

Later, the IBC was amended by Parliament in monsoon session, permitting homebuyers to be treated as financial creditors and to be included in the CoC. In the light of this fact, the SC remanded the matter to NCLT, directing homebuyers to be included in the CoC. The SC also directed the amount of Rs.750 crores to be transferred to NCLT account. The request by for allotment of this amount to homebuyers was turned down by the SC, holding that such preferential allotment to a particular class of creditors was impermissible. Only 9,000 home buyers out of around 24,000 home buyers attended the COC meeting and exercised voting rights, noticed the NCLT in the order passed on December 10. In the CIRP of JaypeeInfratech Limited, the nine associations of the home buyers are being led by Mr. Anand Grover, Sr. Counsel briefed by P&A Law Offices, through a team comprising of Amit K. Mishra and KetanMukhija, Partners along with GauravPriyadarshi, Senior Associate and ShivamPandey, Associate. The IRP is being assisted by Kessar Das B. Associates and the consortium of lenders is being represented by Cyril AmarchandMangaldas.