FCC

Jaiprakash Associates defaults on 40590 million loans

2023-01-10

The flagship company of the Jaypee Group, Jaiprakash Associates, has defaulted on loans totalling Rs 4,059 crore, including both the principal and interest.

Jaiprakash Associates Ltd (JAL) claimed in a regulatory filing that the business missed payments of 17,130 million in principal and 23,460 million in interest on December 31.

The loans were made to several banks, and the types of obligations included term loans, fund-based working capital, and FCCB (foreign currency convertible bonds).

JAL was the subject of an insolvency petition filed by ICICI Bank in September 2018, but the National Company Law Tribunal's Allahabad bench is still considering the case (NCLT).

SBI, the largest lender in the nation, filed an NCLT motion against JAL in September of this year, alleging a total default of 68,931.5 million as of September 15, 2022.