Jaypee Infratech Says Monitoring In Motion To Implement Resolution Plan

Jaypee Infratech Ltd. said a five-member monitoring committee has been formed as per the bankruptcy court’s order to take necessary steps for implementing the 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, the bankrupt infrastructure developer said in a stock exchange announcement.

Resolution applicant Suraksha Reality Ltd. appointed Aalok Dave and Suresh Kumar Bansal as its representatives, while assenting financial creditors appointed Sanjay Kumar Sipani from IDRCL as its representative in the IMC, according to the statement.

Kuldeep Verma is the official representative of homebuyers in the committee, it said.

The development came after the National Company Law Tribunal (NCLT) last week 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 NCLT had also directed to set up a monitoring committee within seven days for expeditious implementation of the approved resolution plan of Jaypee Infratech, which undergoing a corporate insolvency resolution process (CIRP) since 9 August 2017.

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