Lenders to Jaypee Infratech and the insolvency resolution professional (IRP) are looking to raise around Rs 2,000 crore from investors in what may be the first step towards starting work to complete projects, where over 25,000 flat buyers are stuck for seven to eight years. Sources told TOI that the issue was discussed at the first meeting of the committee of creditors on Tuesday , where IRP Anuj Jain was authorised to invite bids from entities with a net worth of over Rs 2,000 crore.
While there were suggestions from some of the bankers present in the meeting to lower the investment floor to around Rs 500 crore per entity, so that some funds could be raised through sale of land, the move did not go through, primarily due to opposition from the promoters led by Manoj Gaur. Read More…
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