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IDBI Bank nominee resigns from Jaiprakash Associates board

Press Trust of India  |  New Delhi 

has decided to withdraw the from the board of debt-ridden

In a BSE filing, crisis-hit informed that Subrat Kumar Mohapatra, the chief general manager of IDBI Bank, has resigned from the board.

has decided to withdraw the nomination of from the board of directors of the company with immediate effect, the filing said.

Mohapatra has ceased to be with effect from today.

Last year, the (NCLT) had admitted the application by an IDBI Bank-led consortium seeking resolution for Jaypee Infratech, the subsidiary of Jaiprakash Associates, under the Insolvency and Bankruptcy Code.

has been taken over by a NCLT-appointed Insolvency Resolution Professional (IRP) for recovery of bad loans. IRP had in October 2017 issued a public notice seeking applications from entities with regard to resolution of JIL.

Several players have submitted expression of interest (EOIs).

Jaypee Infratech, which is into road construction and business, has constructed the Yamuna Expressway, connecting and

Jaiprakash Associates, the flagship firm of the Jaypee Group, is into cement, construction, hospitality, power and businesses. The company has divested its assets, including plants, to reduce debt.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, February 12 2018. 15:50 IST