Suraksha Group Takes Control of Jaypee Infratech, Appoints New CFO and Delists from Stock Exchanges
Mumbai-based Suraksha Group has taken control of Jaypee Infratech Ltd (JIL) and appointed Devang Pravin Patel as its new Chief Financial Officer (CFO). The company will also delist its shares from stock exchanges.
Jaypee InfratechSuraksha GroupCfoDelistStock ExchangesReal EstateInsolvency ProceedingsReal Estate MumbaiJun 13, 2024
The Suraksha Group will also delist JIL from stock exchanges. The Board of Directors has fixed June 21, 2024, as the Record Date for determining the names of the shareholders to whom the exit price will be paid for the purpose of delisting and subsequent extinguishment of issued equity shares of the company. However, the shares issued to Suraksha Group (Successful Resolution Applicant) in terms of the approved resolution plan will not be extinguished.
The Suraksha Group has infused Rs 125 crore equity fund in JIL as part of its resolution plan to settle banks' dues and complete 20,000 unfinished flats across various projects in Delhi-NCR. Earlier this month, Mumbai-based Suraksha Group took control of JIL by constituting a three-member board. The takeover followed the NCLAT decision on May 24, upholding Suraksha Group's bid to acquire JIL.
The NCLAT had directed Suraksha Group to pay an additional Rs 1,334 crore to Yamuna Expressway Industrial Development Authority (YEIDA) as farmers' compensation. Sudhir V Valia, promoter of Suraksha Group, has been appointed as a Non-Executive Director on the JIL board. Aalok Champak Dave has been appointed as Executive Director and Usha Anil Kadam as independent director.
Jaypee Infratech Ltd (JIL) is a real estate company that has been undergoing insolvency proceedings since August 2017. The company has been facing financial difficulties, including a debt of Rs 9,783 crore to lenders. The Suraksha Group, a Mumbai-based real estate company, won the bid to acquire JIL in 2021 with 98.66% votes.
Suraksha Group is a Mumbai-based real estate company that has been involved in various residential and commercial projects across India. The company has a strong track record of delivering projects on time and has a reputation for quality construction.
Jaypee Infratech Ltd (JIL) is a real estate company that has been involved in various residential and commercial projects across India. The company has been facing financial difficulties and has been undergoing insolvency proceedings since 2017.
Frequently Asked Questions
Who has taken control of Jaypee Infratech Ltd (JIL)?
Mumbai-based Suraksha Group has taken control of JIL after approval from the National Company Law Appellate Tribunal (NCLAT).
Who has been appointed as the new CFO of JIL?
Devang Pravin Patel has been appointed as the new CFO of JIL with effect from June 8, 2024.
What is the plan of Suraksha Group for JIL?
The Suraksha Group has infused Rs 125 crore equity fund in JIL as part of its resolution plan to settle banks' dues and complete 20,000 unfinished flats across various projects in Delhi-NCR.
How did Suraksha Group win the bid to acquire JIL?
The Suraksha Group won the bid to acquire JIL in 2021 with 98.66% votes.
What is the debt of JIL to lenders?
The debt of JIL to lenders is Rs 9,783 crore.
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