The new federation is set to take shape after nearly two years if the elections on September 11 go ahead as planned.
Pon Bhaskaran was the lone candidate against Jajodia in the initial list of nominations but he withdrew his candidature on the closing date today.
"He probably realised that he did not have enough support base to take on Jajodia and decided to withdraw," said a source.
The three-way contest is expected to go down the wire as the candidates have been trading charges of manipulation.
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The Treasurer's position will also witness a three-way contest. Manipur's Khoibi Salam, Assam's Hemanta Kumar Kalita and Tripura's Dr Rupak Debroy are in the fray for this position.
The election was initially scheduled to be held on July 9 but was postponed by Boxing India, the International Boxing Association-recogised body entrusted with the task of conducting the polls.
The national federation was terminated in December 2012 by AIBA on charges of "possible manipulation" in elections. The federation was officially terminated in March this year.