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Jaypee Infratech vide its announcement dated 7 March 2023, informed the exchange that "Hon'ble National Company Law Tribunal (NCLT), Principal Bench New Delhi on March 07, 2023, has approved the resolution plan under the Insolvency and Bankruptcy Code, 2016."
The company further informed that as per Resolution Plan approved by NCLT under IBC, the existing equity shares of the corporate debtor shall stand cancelled and reduced to NIL without any further act and deed, from the effective date of the resolution plan and the equity shares of the company will be delisted.
In the above circumstances, trading in the securities of Jaypee Infratech, have been suspended from 8 March 2023, NSE said in a statement.
Jaypee Infratech was sent for debt resolution by lenders in August 2017 after it defaulted on its Rs 23,000-crore debt. The Delhi bench of the National Company Law Tribunal (NCLT) has approved Mumbai-based Suraksha Group's winning bid of Rs 7,736 crore to take over of the debt laden Jaypee Infratech.
Existing public shareholders of Jaypee Infra shall be given an aggregate exit at a price of Rs 0.14 crore, which is not less than the liquidation value.
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