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.