Jaypee Infratech's CFO calls it quits

Debt-ridden firm Jaypee Infratech's chief financial officer (CFO) Pramod Kumar Aggarwal has resigned from the company with effect from Friday.

In April-end, the company had informed that Aggarwal had offered his resignation from the post of CFO of the company upon approval of the Resolution Plan of NBCC by the National Company Law Tribunal (NCLT) to enable the appointment of new CFO by the successful resolution applicant.

The Interim Monitoring Committee (IMC) formed pursuant to directions of National Company Law Appellate Tribunal (NCLAT) had requested Aggarwal to continue till July 31, 2020, for smooth functioning/transition.

"In this connection, this is to inform that resignation of Pramod Kumar Aggarwal, Chief Financial Officer (CFO) of the Company, has been accepted by Interim Monitoring Committee with effect from the close of working hours on 31st July, 2020," Jaypee Infratech said in a regulatory filing.

The firm’s troubles still continue. A group of minority shareholders of Jaypee Infratech has moved the NCLAT seeking fair compensation in the delisting process of the debt-ridden firm. The realty firm went into insolvency proceedings in August 2017. In December last year, a committee of creditors (CoC) comprising 13 banks and around 21,000 homebuyers, approved the resolution plan of NBCC with 97.36 percent votes in favor.