NCLT names resolution professional in Jaypee Infra case

NCLT names resolution professional in Jaypee Infra case thumbnail
The National Company Law Tribunal (NCLT) has admitted the plea of public lender IDBI Bank relating to default of Rs 526 crore loan by Jaypee Infratech and appointed an interim resolution professional for it.

The Allahabad bench of NCLT has appointed Anuj Jain the Interim Resolution Professional (IRP) to carry out the proceedings under the Insolvency and Bankruptcy Code.

“The interim resolution professional shall perform all his functions strictly which are contemplated, inter alia, by section 17, 18, 20 and 21 of the code,” said Judicial Member H P Chaturvedi in the order.

The NCLT directed that “all the personnel connected with the corporate debtor (Jaypyee Infratech), its promoter or any other person associated with the corporate debtor are under legal obligation to extend every assistance and cooperation to the IRP”.

The IRP “shall be under duty to protect and preserve the value of the property of the corporate debtor as part of its obligation imposed” on it, NCLT said.

As per the order, Jaypee Infratech, which is part of the debt-ridden Jaypee group, has defaulted on Rs 526.11 crore loan outstanding to IDBI.

Jaypee Infratech is into road construction and real estate business. It has constructed the Yamuna Expressway, connecting Delhi-Agra.

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