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    Jaypee Infratech's CoC, home buyers reject continuation of Anuj Jain as debt resolution professional

    Jaypee Infratech's CoC, home buyers reject continuation of Anuj Jain as debt resolution professional

    Jaypee Infratech's CoC, home buyers reject continuation of Anuj Jain as debt resolution professional
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    By Shubham Singh   IST (Updated)

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    Debt-ridden Jaypee Infratech's Committee of Creditors (CoC) and home buyers on Monday rejected the continuation of Anuj Jain as Insolvency Resolution Professional of the company.

    Debt-ridden Jaypee Infratech's Committee of Creditors (CoC) and home buyers on Monday rejected the continuation of Anuj Jain as Insolvency Resolution Professional of the company.
    Only 5.58 percent of the voters approved Jain's continuation as insolvency resolution professional, other 47.47 percent voters chose to reject him, the company said in a BSE filing.
    Last year, the National Company Law Tribunal (NCLT) had admitted the application by an IDBI Bank-led consortium, seeking resolution for Jaypee Infratech under the IBC.
    The tribunal had appointed Anuj Jain as IRP to manage the company's business, who later invited bids from investors interested in acquiring Jaypee Infratech and completing the stuck real estate projects in Noida and Greater Noida.
    Consequently, Lakshadweep emerged as a front-runner to acquire Jaypee Infratech.
    However, in May this year, lenders of Jaypee Infratech rejected the Rs 7,350 crore bid by Lakshadweep, as they found it inadequate.
    Lakshadweep is a joint venture between Sudhir Valia-led Suraksha Asset Reconstruction Company and Mumbai-based Dosti Realty.
    Jaypee Infratech has an outstanding debt of nearly Rs 9,800 crore, of which Rs 4,334 crore pertains to IDBI. Other lenders are -- IIFCL, LIC, SBI, Corporation Bank, Syndicate Bank, Bank Of Maharashtra, ICICI Bank, Union Bank, IFCI, J&K Bank, Axis Bank and Srei Equipment Finance Ltd.
    Jaypee Infratech, a subsidiary of Jaypee Group's flagship firm Jaiprakash Associates, is developing about 32,000 flats, of which it has delivered 9,500 units.
    Jaiprakash Associates had submitted Rs 750 crore in the registry of the Supreme Court for a refund to buyers. However, this amount has now been transferred to NCLT as per the order of the Supreme Court that has now directed to start a fresh bidding process.
    (With inputs from PTI)
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