One more independent director of Jaypee Infratech resigns

NEW DELHI:Debt-ridden Jaypee Infratech, which is facing insolvency proceedings, on Wednesday said that its independent director Lalit Bhasin has resigned from the board. In a filing to the BSE, the company informed that it has received intimation dated September 12 from Lalit Bhasin, Independent Director, conveying his resignation from the Board with immediate effect for personal reasons and other commitments.
The Interim Resolution Professional (IRP) will place his resignation for acceptance in the next meeting of the Committee of Creditors.

Earlier this week, the company's two directors - - Keshav Prasad Rau and Basant Kumar Goswami had resigned.

While Rau had cited personal reasons for the resignation, Goswami resigned because of his growing age and indifferent health.

The National Company Law Tribunal (NCLT) had last year admitted the application by an IDBI Bank-led consortium, seeking resolution for Jaypee Infratech under the Insolvency and Bankruptcy Code.

The tribunal had appointed Anuj Jain as IRP to mange the company's business.

Later, Jain invited bids from investors interested in acquiring Jaypee Infratechand 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 apartments.

Jaypee Infratech currently has about Rs 24,000 crore worth assets, including land parcels, Yamuna Expressway and a hospital, sources had earlier said.

Jaypee Group had submitted Rs 750 crore in the registry of the Supreme Court for 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.