RP must ensure Jaypee’s voting process as per IBC, SC order
Amid concerns raised by several home buyers regarding the voting process for the acquisition of the bankrupt Jaypee Infratech, the Insolvency and Bankruptcy Board of India (IBBI) on Friday said that the resolution professional (RP) is duty bound to conduct the voting process in compliance with the Insolvency and Bankruptcy Code (IBC) and the Supreme Court’s judgement in the matter.
In a clarification, the IBBI also said that the resolution professional should also suitably inform the home buyers about the timing and manner of the voting to remove any confusion.
“It is hereby clarified that the Resolution Professional/Authorised Representative is duty bound to conduct the process, including voting, strictly in compliance with the Code, Regulations and the order dated 6th November, 2019 of the Supreme Court in the matter of Jaiprakash Associates Ltd. & Anr. Vs. IDBI Bank Ltd. & Anr. and to suitably inform the creditors in such class about the timing and the manner of voting by them on the resolutions/resolution plan to obviate any confusion,” it said.
In the case of Jaypee Infratech, the interim resolution professional is Anuj Jain.
The board said that it has received several mails from “some financial creditors in a class, namely, homebuyers” expressing confusion about the manner of voting in the context of the resolution plan in the corporate insolvency resolution process of Jaypee Infratech.