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Jaypee Infratech Limited Shares: Jaypee Infratech, which was under debt burden and was facing bankruptcy proceedings for the last 6 years, has finally been sold. It has been acquired by Suraksha Realty. Suraksha Group has acquired Jaypee Infratech Limited under bankruptcy proceedings.
According to information given to the stock exchange, the group has appointed Devang Pravin Patel as the Chief Financial Officer (CFO). Patel has assumed charge from June 8, 2024. Now that the company has been sold, Jaypee Infratech shares will be delisted from all stock exchanges. The company's shares are currently closed for trading. The last closing price of the stock is Rs. 1.27.
This company was acquired by
Suraksha Group has acquired control of Jaypee Infratech Ltd after getting approval from NCLAT last month. It will now delist its shares. The board of directors has fixed a record date for nominating shareholders to pay the exit price for the purpose of delisting and subsequent liquidation of the issued equity shares of the company. However, as per the approved resolution plan, the shares issued by Suraksha Group (the successful resolution applicant) will not become dormant. Suraksha Group has invested Rs. 125 crore of equity capital.
Ordered to pay compensation of Rs 1334 crore to farmers
The National Company Law Appellate Tribunal (NCLAT) on May 24 upheld the bid submitted by Suraksha Realty to acquire Jaypee Infratech Limited (JIL). Along with this, Yamuna YIDA got Rs. 1,334 crore as compensation to the farmers. It was also directed to pay Rs. 1,334 crore. Earlier in March 2023, the National Company Law Tribunal (NCLT) approved the insolvency proceedings. NCLT allowed the bid made by Suraksha Group to buy JIL. Many parties including YIDA had filed a petition in NCLAT challenging the order of NCLT. YIDA has given compensation of about five lakh rupees to the farmers. A claim of Rs 1700 crore was made.
JP group is closed
In 2017, for the first time, IDBI Bank filed a case against Jaypee Infratech for Rs. 526 crore loan default before NCLAT. Later other lenders also came forward. Jaypee Group's flagship firm, Jaiprakash Associates, has also invested Rs. 4616 crore loan before it filed for bankruptcy 15 to 10 years ago. 20000 home buyers had invested in Jaypee Infratech's nine projects in Noida and other cities. Founded by Jaiprakash Gaur of Uttar Pradesh, Jaypee Group launched its subsidiary Jaypee Infratech on April 5, 2007 in Noida. Its job was to build, operate and maintain the 165 km long Yamuna Expressway connecting Noida and Agra in Uttar Pradesh. Apart from this, permission was given for construction of 2.5 crore square feet of land adjacent to Yamuna Expressway for residential, commercial, recreational, industrial and institutional purposes at five locations in Noida.
