Jaiprakash Associates Ltd mentioned it has been taking tangible steps to cut back borrowings. (Representational)
New Delhi:
Disaster-hit Jaypee Group’s flagship agency Jaiprakash Associates has defaulted on loans value Rs 4,044 crore, together with principal and curiosity quantity.
In a regulatory submitting on Friday, Jaiprakash Associates Ltd (JAL) knowledgeable that the corporate on June 30 defaulted on repayments of a principal quantity of Rs 1,660 crore and curiosity of Rs 2,384 crore.
The loans pertained to numerous banks, and the character of the duty is fund-based working capital, non-fund-based working capital, time period loans and FCCB (international foreign money convertible bonds).
“The entire borrowing (together with curiosity) of the corporate is Rs 29,477 crore, repayable by 2037, towards which solely Rs 4,044 crore is overdue as on June 30, 2023,” JAL mentioned.
Out of the overall borrowing of Rs 29,477 crore, the corporate mentioned that Rs 18,319 crore will get additional lowered on switch to the proposed Particular Goal Car (SPV) for which the scheme of association, duly authorized by all of the stakeholders, is pending sanction of Nationwide Firm Legislation Tribunal (NCLT).
“All the mortgage is in any case underneath restructuring,” it added.
The corporate mentioned it has been taking tangible steps to cut back the borrowings.
“Submit the proposed divestment of cement enterprise and the restructuring into account, the borrowing will get virtually to nil upon implementation of revised restructuring plan,” it mentioned.
JAL additionally mentioned that ICICI Financial institution had approached the NCLT Allahabad on the course of the RBI underneath part 7 of the Insolvency and Chapter Code 2016 towards the corporate. It has contested the transfer.
“The matter is pending to be determined concurrently with the Scheme of Association for switch of actual property to the SPV to be sanctioned by the NCLT,” the submitting mentioned.
In September 2018, ICICI Financial institution filed an insolvency petition towards JAL. The nation’s largest lender SBI has additionally moved the NCLT towards JAL, claiming a complete default of Rs 6,893.15 crore as of September 15, 2022.
Lately, JAL and its group corporations introduced the sale of its remaining cement belongings to Dalmia Bharat Ltd at an enterprise worth of Rs 5,666 crore and exit from the sector as a part of its technique to cut back debt.
Earlier, as a part of its debt decision train, JAL had bought greater than 20 million tonnes each year cement capability to Aditya Birla group agency UltraTech Cement between 2014 and 2017.
In its erstwhile subsidiary Jaypee Infratech Ltd (JIL), Mumbai-based realty agency Suraksha Group had in March bought approval from the NCLT for its bid to accumulate JIL and full round 20,000 flats in Noida.
Nevertheless, many events have approached the Nationwide Firm Legislation Appellate Tribunal (NCLAT) towards the NCLT order.
(Apart from the headline, this story has not been edited by NDTV workers and is revealed from a syndicated feed.)
Discover more from News Journals
Subscribe to get the latest posts sent to your email.
