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Jaypee Buyers Want Clarity In The Election Of Resolution Professional.

Courtesy/By: Subhalagna Choudhury | 24 Sep 2018

The home buyers of Jaypee Wish Town projects have approached the National Company Law Tribunal and sought for clarity on the selection process of the resolution professional for the bankruptcy hit developer, JaypeeInfratech. The home buyers had filed a petition after 6800 investors out of a total of 28000 investors voted against the selection of interim resolution professional, Anuj Jain. He was a contender competing for the post of proposed resolution professional of Wish Town insolvency case.

Pramod Kumar, a buyer said that with only about 6800 buyers turning up for voting all those who did not cast their votes have been calculated as naysayers. Clarity is needed in who should be elected as resolution professional. The buyers he said we’re not happy with the way the resolution was executed by Jain in the late leg of the resolution process. Decisions went against him due to a low vote turnout. The buyers want NCLT to give them written orders as to what steps should be taken next. Meanwhile JaypeeInfratech uploaded all the claims and the principal amount that is claimed. The buyers have elected KuldeepVerma to represent them at the Creditor of Company proceedings. The whole resolution process have been re – initiated by the Supreme Court with no conclusion drawn on completion of projects.

Courtesy/By: Subhalagna Choudhury | 24 Sep 2018