Jaypee Infratech CFO Ram Bahadur Singh resigns on health grounds

Jaypee Infratech has been taken over by Insolvency Resolution Professional for recovery of bad loans

Debt-ridden Jaypee Infratech on Tuesday said its chief financial officer (CFO) Ram Bahadur Singh has resigned from the company on health grounds.

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

Jaypee Infratech has been taken over by an NCLT-appointed Insolvency Resolution Professional (IRP) 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 (IRP) Anuj Jain had on October 27 issued a public notice seeking applications from entities with regard to the resolution of JIL. Several players have submitted an expression of interest (EOIs).

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