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Lenders reject Gautam Thapar's bid to reclaim Jhabua Power; CBI books cases

The Economic Times   Mint  

Avantha Group promoter Gautam Thapar's bid to reclaim Jhabua Power, a thermal power company promoted by the group, has been rejected by lenders citing investigations by government agencies. According to a June 2 order of the National Company Law Tribunal (NCLT), the lenders took note of government probes as a disqualification criterion for Thapar's bid in creditor meetings. Meanwhile the Central Bureau of Investigation (CBI) has registered a case against Raghubir Kumar Sharma, Rajendra Kumar Mangal, Tapsi Mahajan, their companies Oyster Buildwell Pvt Ltd along with Avantha Realty Pvt Ltd, and officials of Jhabua Power Ltd for allegedly cheating Yes Bank of over INR 466 crore in 2017-19. The investigating agency carried out searches at 14 locations including Delhi-NCR, Secunderabad and Kolkata after registering an FIR against Gautam Thapar, Avantha Realty and others for alleged diversion of over INR 466 crore in Yes Bank.