audit
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While undergoing the second round of corporate insolvency proceedings the homebuyers of Jaypee Infratech seek support from the banks for an independent forensic audit of the company.

However, the banks turned down the demand made by the homebuyers in a meeting that was held recently.

One of the homebuyers said that such confrontation from the banks creates trepidations against the bona fide of banks itself. It looks like that the banks are playing safe and thus sidelining the demands made by the home buyers to have a forensic audit.

Also, the homebuyers sought approval votes of IDBI Bank, India Infrastructure Finance, Life Insurance Corporation of India, State Bank of India, Corporation Bank, Syndicate Bank, Bank of Maharashtra, ICICI Bank, Union Bank of India, IFCI, Jammu & Kashmir Bank, Axis Bank and SREI Equipment Finance.

The homebuyers alleged that recently the Jaiprakash Associates proposed a settlement plan under the IBC [Indian Bankruptcy Code] this clearly mean that the company has funds and the same should be looked into.

Earlier, the interim insolvency resolution professional (IRP) bespoke an audit of the transactions for the company including the two years proceedings when the insolvency case begun.

The homebuyers also said that there was no activity happened virtually in the firm in that particular time and thus nothing can be found.

Nearly, 30, 000 homebuyers are affected by Jaypee group’s insolvency.

Earlier this month, the lenders of Jaypee Infratech planned to meet for the discussion of resolution plans that had to be submitted by the four shortlisted bidders in order to take over this debt-ridden firm.