Jaiprakash Associates reports Rs 3,946 crore loan default to banks

“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.