ADVERTISEMENT

Jaypee Infratech’s Chief Financial Officer Resigns

Jaypee Infratech CFO resigns on health grounds.

A businessman holds a briefcase and smartphone as he passes the Bank of England in the City of London, U.K. (Photographer: Simon Dawson/Bloomberg)  
A businessman holds a briefcase and smartphone as he passes the Bank of England in the City of London, U.K. (Photographer: Simon Dawson/Bloomberg)  

Debt-ridden Jaypee Infratech Ltd. today said its Chief Financial Officer Ram Bahadur Singh has resigned from the company on health grounds.

In a filing to the BSE, Jaypee Infratech informed that Singh "who was director and chief financial officer of the company has resigned due to deteriorating health since last six months, from the directorship as well as from the post of chief financial officer from the close of working hours on Jan. 15, 2018".

Jaypee Infratech has been taken over by a NCLT-appointed Insolvency Resolution Professional for recovery of bad loans.

A few months ago, the NCLT had admitted the application by an IDBI Bank-led consortium seeking resolution for Jaypee Infratech under the Insolvency and Bankruptcy Code.

Insolvency Resolution Professional Anuj Jain had on Oct. 27 issued a public notice seeking applications from entities with regard to resolution of of Jaypee. Several players have submitted expressions of interest.

Jaypee Infratech, which is into road construction and real estate business, has constructed the Yamuna Expressway, connecting Delhi and Agra.