Jaypee Infratech Resolution Plan Monitoring Panel To Meet Thursday

Jaypee Infratech Ltd. said the committee to monitor the implementation of the company’s approved resolution plan will meet on 23 March.

The infrastructure developer, which is undergoing insolvency resolution, didn’t disclose the agenda of the meeting in its stock exchange announcement.

A five-member monitoring committee was formed last week as per the bankruptcy court’s order to take necessary steps for implementing Jaypee Infratech’s approved resolution plan.

The implementation and monitoring committee (IMC) consists of Interim Resolution Professional Anuj Jain, two representatives from the resolution applicants, one representative from the institutional financial creditors and an authorized representative of homebuyers.

India's National Company Law Tribunal earlier this month issued the much-awaited verdict in Jaypee Infratech's insolvency resolution, and approved the bid of Suraksha Reality and Lakshdeep Investments & Finance Private Ltd.

The consortium offered a total of 20,363.36 crore rupees ($2.47 billion) under the resolution plan of the company.

(Note: $1 = 82.5587 Indian rupees)

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