Jaypee Infratech defers approval of financial statements for March 2023 quarter

Jaypee Infratech, facing insolvency proceedings, has delayed approving its quarterly statements as it awaits the resolution of pending cases in the appellate tribunal. The National Company Law Tribunal approved Mumbai-based Suraksha Group’s plan to take over Jaypee Infratech on March 7; several banks and homebuyers have voting rights in the company. Now, the firm has deferred its statement approval and requested an extension to allow for accounting entries that will give a true and fair representation of the company’s financial performance to be captured.