Devang Pravin Patel is appointed as Jaypee Infratech Ltd CFO
Real Estate

Devang Pravin Patel is appointed as Jaypee Infratech Ltd CFO

The Mumbai-based Suraksha Group now controls Jaypee Infratech Ltd., which has named Devang Pravin Patel as its Chief Financial Officer (CFO) and is planning to delist its shares from stock markets. The appointment is effective as of June 8, 2024, as per a recent regulatory document. After receiving clearance from the NCLAT appeal panel last month, the Suraksha Group assumed control of Jaypee Infratech Ltd. (JIL) and would be delisting the company from stock markets.
In order to identify the shareholders to whom the exit price would be paid for the purpose of delisting and subsequently extinguishing the issued equity shares of the firm, the Board of Directors has set June 21, 2024, as the record Date. Still, the shares that were given to Suraksha Group (Successful Resolution Applicant) in terms of the approved resolution plan will not be extinguished.
The resolution strategy of Suraksha Group involves infusing Rs 1.25 billion in equity investment into JIL to clear bank debt and build 20,000 incomplete units across multiple projects in Delhi-NCR. The Mumbai-based Suraksha Group assumed control of JIL earlier this month when it appointed a three-person board.
The acquisition came about as a result of the National Company Law Appellate Tribunal's (NCLAT) ruling on May 24 that supported Suraksha Group's acquisition proposal for JIL. As compensation for farmers, the NCLAT has ordered Suraksha Group to give an extra Rs 13.34 billion to the Yamuna Motorway Industrial Development Authority (YEIDA).
The JIL board has nominated Sudhir V. Valia, the promoter of Suraksha Group, as a non-executive director. Usha Anil Kadam has been named an independent director, and Aalok Champak Dave is the executive director.
Upholding the March 2023 decision of the National Company Law Tribunal (NCLAT), the NCLAT stated on May 24 that the decision was made to protect the interests of all parties involved, including home buyers and YEIDA's claim for additional compensation for the farmers, and to prevent any further delays in the implementation of the resolution plan. August 2017 saw the beginning of the corporate insolvency resolution process (CIRP) against JIL in response to an application made by a consortium led by IDBI Bank.
The Suraksha group's attempt to purchase JIL was authorised by the NCLT on March 7 of last year. To contest the NCLT ruling, other parties "including YEIDA" filed petitions with the NCLAT. The Suraksha group gave lenders almost Rs 1,300 crore in non-convertible debentures and over 2,500 acres of property as part of its final resolution plan. It also suggested finishing up any unfinished business during the following four years. Jaypee Infratech's lenders have filed a demand for Rs. 97.83 billion. The Suraksha group received 96.66% of the votes in the fourth round of the bidding process to identify a buyer for the JIL in 2021.
Over 20,000 homeowners and up to 12 banks were eligible to vote on the Committee of Creditors (CoC). The state-owned NBCC, which was also competing, received 0.12% less votes than the firm. Lakshadweep, a subsidiary of the Suraksha group, submitted a proposal of Rs 73.50 billion, but the lenders rejected it in the first stage of the bankruptcy proceedings in 2018. In the May-June 2019 second round, the proposals from Suraksha and NBCC were turned down by the CoC.
The Supreme Court ordered in November 2019 to ask just NBCC and Suraksha to submit amended bids. Then, in the third round of bidding, in December 2019, the CoC adopted the NBCC resolution plan.
NBCC received NCLT clearance in March 2020 to purchase JIL. But the NCLAT and the Supreme Court both heard challenges to the order. The Supreme Court mandated a new round of bidding, including just NBCC and Suraksha Group, on March 21, 2021. The offer was won by Suraksha Group in this fourth round.   

The Mumbai-based Suraksha Group now controls Jaypee Infratech Ltd., which has named Devang Pravin Patel as its Chief Financial Officer (CFO) and is planning to delist its shares from stock markets. The appointment is effective as of June 8, 2024, as per a recent regulatory document. After receiving clearance from the NCLAT appeal panel last month, the Suraksha Group assumed control of Jaypee Infratech Ltd. (JIL) and would be delisting the company from stock markets.In order to identify the shareholders to whom the exit price would be paid for the purpose of delisting and subsequently extinguishing the issued equity shares of the firm, the Board of Directors has set June 21, 2024, as the record Date. Still, the shares that were given to Suraksha Group (Successful Resolution Applicant) in terms of the approved resolution plan will not be extinguished.The resolution strategy of Suraksha Group involves infusing Rs 1.25 billion in equity investment into JIL to clear bank debt and build 20,000 incomplete units across multiple projects in Delhi-NCR. The Mumbai-based Suraksha Group assumed control of JIL earlier this month when it appointed a three-person board.The acquisition came about as a result of the National Company Law Appellate Tribunal's (NCLAT) ruling on May 24 that supported Suraksha Group's acquisition proposal for JIL. As compensation for farmers, the NCLAT has ordered Suraksha Group to give an extra Rs 13.34 billion to the Yamuna Motorway Industrial Development Authority (YEIDA).The JIL board has nominated Sudhir V. Valia, the promoter of Suraksha Group, as a non-executive director. Usha Anil Kadam has been named an independent director, and Aalok Champak Dave is the executive director.Upholding the March 2023 decision of the National Company Law Tribunal (NCLAT), the NCLAT stated on May 24 that the decision was made to protect the interests of all parties involved, including home buyers and YEIDA's claim for additional compensation for the farmers, and to prevent any further delays in the implementation of the resolution plan. August 2017 saw the beginning of the corporate insolvency resolution process (CIRP) against JIL in response to an application made by a consortium led by IDBI Bank.The Suraksha group's attempt to purchase JIL was authorised by the NCLT on March 7 of last year. To contest the NCLT ruling, other parties including YEIDA filed petitions with the NCLAT. The Suraksha group gave lenders almost Rs 1,300 crore in non-convertible debentures and over 2,500 acres of property as part of its final resolution plan. It also suggested finishing up any unfinished business during the following four years. Jaypee Infratech's lenders have filed a demand for Rs. 97.83 billion. The Suraksha group received 96.66% of the votes in the fourth round of the bidding process to identify a buyer for the JIL in 2021.Over 20,000 homeowners and up to 12 banks were eligible to vote on the Committee of Creditors (CoC). The state-owned NBCC, which was also competing, received 0.12% less votes than the firm. Lakshadweep, a subsidiary of the Suraksha group, submitted a proposal of Rs 73.50 billion, but the lenders rejected it in the first stage of the bankruptcy proceedings in 2018. In the May-June 2019 second round, the proposals from Suraksha and NBCC were turned down by the CoC.The Supreme Court ordered in November 2019 to ask just NBCC and Suraksha to submit amended bids. Then, in the third round of bidding, in December 2019, the CoC adopted the NBCC resolution plan.NBCC received NCLT clearance in March 2020 to purchase JIL. But the NCLAT and the Supreme Court both heard challenges to the order. The Supreme Court mandated a new round of bidding, including just NBCC and Suraksha Group, on March 21, 2021. The offer was won by Suraksha Group in this fourth round.   

Next Story
Building Material

Ambuja Cements Drags JSW Cement to Court Over ‘Kawach’ Brand

Ambuja Cements, part of the Adani Group, has filed a trademark infringement case against JSW Cement in the Delhi High Court, alleging that its rival copied the ‘Kawach’ brand with its new product ‘Jal Kavach’.Justice Manmeet Pritam Singh Arora issued summons to JSW Cement and its subsidiary, JSW IP Holdings Pvt Ltd, while referring the matter to mediation. Hearings are scheduled to resume on October 15 if no settlement is reached.Ambuja, which registered the ‘Kawach’ trademark in 2019, argues that the term ‘Kavach’—meaning shield—is the distinctive feature of its branding. ..

Next Story
Technology

Bentley Systems Named Innovation Partner of the Year 2025 by Afcons

Bentley Systems, the infrastructure engineering software company, has been recognised by Afcons Infrastructure Limited as its Innovation Partner of the Year 2025 at the Innovation Partners 2025 Felicitation Ceremony in Mumbai. The award acknowledges Bentley’s contribution to Afcons’ engineering digitalisation journey through an enterprise agreement providing access to over 250 Bentley engineering software tools. This adoption has enabled Afcons to accelerate project delivery, standardise digital workflows, and strengthen innovation across its infrastructure portfolio. Among key i..

Next Story
Infrastructure Urban

SBI Sells 13.18% Stake in Yes Bank to Japan’s SMBC

State Bank of India (SBI) has completed the sale of a 13.18 per cent stake in Yes Bank to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) for over Rs 8,889 crore. The divestment is part of a Rs 13,482 crore deal finalised in May with SMBC and seven private banks.Following the transaction, SBI’s shareholding in Yes Bank stands at 10.8 per cent. The deal, involving 4,134.4 million shares at Rs 21.50 each, is the largest cross-border transaction in the Indian banking sector.SBI Chairman C S Setty described the 2020 RBI-led rescue of Yes Bank as a pioneering public-private partnership, addi..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?