The whole borrowing (together with curiosity) of the corporate is Rs 29,396 crore, repayable by 2037, towards which solely Rs 4,161 crore is overdue as on March 31, 2023, Jaiprakash Associates stated. (Representative photograph)
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
Crisis-hit Jaypee Group’s flagship agency Jaiprakash Associates has defaulted on loans of Rs 4,161 crore, together with principal and curiosity quantity. In a regulatory submitting on April 29, Jaiprakash Associates Ltd (JAL) knowledgeable that the corporate on March 31 defaulted on repayments of a principal quantity of Rs 1,653 crore and curiosity of Rs 2,508 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 forex convertible bonds).
“The whole borrowing (together with curiosity) of the corporate is Rs 29,396 crore, repayable by 2037, towards which solely Rs 4,161 crore is overdue as on March 31, 2023,” Jaiprakash Associates said in the filing.
Out of the total borrowing of Rs 29,396 crore, the company said Rs 18,051 crore will get further reduced on transfer to the proposed special purpose vehicle (SPV) for which the scheme of arrangement duly approved by all the stakeholders is pending sanction of the NCLT (National Company Law Tribunal).
“The entire loan is in any case under restructuring,” JAL stated.
The firm stated it has been taking tangible steps to cut back the borrowings.
“Post the proposed divestment of cement enterprise and the restructuring into consideration, the borrowing will get nearly to nil upon implementation of revised restructuring plan,” it said.
JAL also said that the ICICI Bank had approached the NCLT Allahabad on the direction of the RBI under section 7 of the Insolvency & Bankruptcy Code 2016 against the company. It has objected the same.
“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 submitting stated.
In September 2018, ICICI Bank filed an insolvency petition towards JAL. The nation’s greatest lender SBI has additionally moved the NCLT towards JAL, claiming a complete default of Rs 6,893.15 crore as of September 15, 2022.
Recently, 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 offered greater than 20 million tonnes every 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 has lately acquired approval from the NCLT for its bid to amass JIL and full round 20,000 residences in Noida.
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