Road ahead for Jaypee homebuyers as insolvency proceedings begin

Jaypee Infratech Ltd, the beleaguered real estate major facing bankruptcy, has asked its homebuyers and those who invested in the company’s fixed deposits to select an authorised representative from the three names proposed by Insolvency Resolution Professional (IRP) Anuj Jain. The three names suggested by Jain are Sanjay Gupta, Kuldeep Verma and Pankaj Khaitan for the homebuyers and Anju Agarwal, Kuldeep Verma and Sanjeev Ahuja for those with FDs. The authorised representative (AR) will stand in for homebuyers in the meeting of Committee of Creditors (CoC), which will decide on the resolution of the insolvency and bankruptcy. He will act on the opinion of a majority of homebuyers. The homebuyers will have to select one of the three proposed candidates through an online voting at www.evotingindia.com. The buyer can log in to the site using their login name which is their purchased house address in the Jaypee Infratech projects. The last date to cast the vote is August 28.