Jaypee Group’s flagship firm Jaiprakash Associates on 7 July infirmed that the firm defaulted on loans worth ₹4,044 crore, including principal and interest amount, reported news agency PTI.
Jaiprakash Associates Ltd (JAL), in a regulatory filing, said that on June 30th defaulted on repayments of a principal amount of ₹1,660 crore and interest of ₹2,384 crore.
As per the details, the loans pertain to various banks, and the nature of the obligation is fund-based working capital, non-fund-based working capital, term loans, and FCCB (foreign currency convertible bonds).
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“The total borrowing (including interest) of the company is ₹29,477 crore, repayable by 2037, against which only ₹4,044 crore is overdue as on June 30, 2023,” JAL said.
The firm said that ₹18,319 crore will get further reduced on transfer to the proposed Special Purpose Vehicle (SPV) that is pending sanction of the National Company Law Tribunal (NCLT).
“The entire loan is in any case under restructuring,” it said, adding, it 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 the revised restructuring plan,” it said.
Meanwhile, the CICI Bank had approached the NCLT Allahabad on the direction of the RBI under section 7 of the Insolvency and Bankruptcy Code 2016 against the company, which it has contested.
“The matter is pending to be decided simultaneously with the Scheme of Arrangement for transfer of real estate to the SPV to be sanctioned by the NCLT,” the filing said.
Earlier in September 2018, ICICI Bank filed an insolvency petition against JAL. Also, SBI has moved the NCLT against JAL, claiming a total default of ₹6,893.15 crore as of September 15, 2022.
JAL has recently announced the sale of its remaining cement assets to Dalmia Bharat Ltd at an enterprise value of ₹5,666 crore and exit from the sector as part of its strategy to reduce debt. It has also sold more than 20 million tonnes per annum cement capacity to Aditya Birla group firm UltraTech Cement between 2014 and 2017 as part of its debt resolution exercise.
In March, Mumbai-based realty firm Suraksha Group got approval from the NCLT for its bid to acquire JIL and complete around 20,000 apartments in Noida.
Though many parties have approached the National Company Law Appellate Tribunal (NCLAT) against the NCLT order.
With agency inputs.
Updated: 07 Jul 2023, 07:11 PM IST
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