Jaypee Healthcare Ltd's debt assigned to J C Flowers Asset Reconstruction Pvt Ltd

Jaypee Healthcare Limited (JHL), a wholly owned subsidiary of Jaypee Infratech Ltd had taken financial facilities from Yes Bank Limited and/or consortium of lenders. For the purpose, the Company had pledged 63.65% equity shares in JHL as security to the lenders.

The consortium of lenders and/or Yes Bank Limited had assigned these debts/loans to the benefit of J.C. Flowers Asset Reconstruction Private Limited.

Post NCLT order dated 07.03.2023 approving the resolution plan in respect of the Company, J.C. Flowers Asset Reconstruction Private Limited has invoked the pledge of 27,21,09,231 equity shares (i.e. 63.65% shares) of Jaypee Healthcare Limited on 10.03.2023 pursuant to the Share Pledge Agreement and the Security Trustee Agreement on account of continuing default in meeting repayment obligations by JHL. Accordingly, the Company's shareholding in JHL has reduced to 36.35%. JHL has now become an Associate Company as against wholly owned subsidiary of the Company.

Source : Equity Bulls

Keywords

JaypeeHealthcare JaypeeInfratech FinancialFacilities YESBank JCFlowersAssetReconstruction