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Jaiprakash Associates to liquidate its holdings
2022-10-12
According to reports, Jaiprakash Associates, a Jaypee Group affiliate, is looking to sell its remaining assets in response to a new insolvency offer from State Bank of India. The corporation had already sold assets worth US$4.92 billion to settle debts, says media reports. The company has defaulted on payment of Rs 1,544 crore of interest over dues and another Rs 1,353 crore worth of principal to lenders, according to a notification on the bourses. The default is on obligations such as fund-based working capital, non-fund-based working capital, term loans and FCCB, the company said in the filing.
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