This is an archive article published on May 10, 2023
Jaiprakash Associates reports Rs 3,946 crore loan default to banks
ICICI Bank filed an insolvency petition against the company almost five years ago. SBI has also moved the NCLT against JAL, claiming a total default of Rs 6,893 crore as on September 15, 2022.
Mumbai-based realty firm Suraksha Group has recently got approval from the NCLT for its bid to acquire its erstwhile subsidiary Jaypee Infratech Ltd (JIL), and complete around 20,000 apartments in Noida. (Express Photo)
Jaiprakash Associates on Tuesday reported that the company has defaulted Rs 3,946 crore as on April 30, 2023 to various banks. “The total borrowing (including interest) of the company is Rs.29,277 crore, repayable by 2037, against which only Rs.3,956 crore is overdue,” the company, which is in the bankruptcy court, said in an exchange filing. Out of the borrowing, Rs 18,106 crore will get further reduced on transfer to the proposed Special Purpose Vehicle (SPV) for which the Scheme of Arrangement duly approved by all the stakeholders, is pending sanction of National Company Law Tribunal, it said.
According to the company, the entire loan is in any case under restructuring.
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“As a responsible borrower, the company has been taking tangible steps to reduce the borrowings. Post the proposed divestment of cement business and the restructuring under consideration, the borrowing will get almost to Nil upon implementation of revised restructuring plan,” the filing said. The group had recently announced the sale of its remaining cement assets to Dalmia Bharat Ltd at an enterprise value of Rs 5,666 crore and exit from the sector as part of its strategy to reduce debt. It sold more than 20 million tonnes per annum cement capacity to Aditya Birla’s UltraTech Cement between 2014 and 2017.
Mumbai-based realty firm Suraksha Group has recently got approval from the NCLT for its bid to acquire its erstwhile subsidiary Jaypee Infratech Ltd (JIL), and complete around 20,000 apartments in Noida. However, many parties have approached the National Company Law Appellate Tribunal (NCLAT) against the NCLT order.
ICICI Bank filed an insolvency petition against the company almost five years ago. SBI has also moved the NCLT against JAL, claiming a total default of Rs 6,893 crore as on September 15, 2022.
Mumbai-based realty firm Suraksha Group has recently got approval from the NCLT for its bid to acquire its erstwhile subsidiary Jaypee Infratech Ltd (JIL), and complete around 20,000 apartments in Noida. (Express Photo) 
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