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New Delhi: JP Groupis the flagship firm of Jaiprakash Associates Rs 4,059 crore has defaulted on the loan, which includes both principal and interest amount. In a regulatory filing, Jaiprakash Associates Ltd (JAL) said the company defaulted on repayment of principal amount of Rs 1,713 crore and interest of Rs 2,346 crore as on December 31.
The nature of loans and liabilities relating to various banks are fund based working capital, non fund based working capital, term loans and FCCBs (Foreign Currency Convertible Bonds).
In September 2018, ICICI Bank Insolvency petition has been filed against JAL but the matter is still pending before the Allahabad Bench of the National Company Law Tribunal (NCLT).NCLT,
country’s largest lender State Bank Of India In September this year, it had moved the NCLT against JAL, claiming a total default of Rs 6,893.15 crore till September 15, 2022.
Last month, JAL and its group firms announced the sale of their remaining cement assets Dalmia India Ltd at an enterprise value of Rs 5,666 crore and exited the sector as part of its strategy to reduce debt.
Earlier, as part of its debt resolution exercise, JAL sold over 20 million tonnes per annum cement capacity to Aditya Birla Group firm UltraTech Cement between 2014 and 2017.
In 2015, Jaypee Group sold its controlling stake of over 2 million tonnes of cement capacity to Dalmia Group.
JAL Executive Chairman Manoj Gaur had said that the company is taking steps to reduce its debt and repay lenders.
“To repay the loan to lenders and focus on its other core areas of business, JAL has decided to completely divest from the cement business in favor of Dalmia Cement (India) Limited with sale of cement capacity of 9.4 million tonnes per annum.” Have decided.” he said.
Gaur had said that JAL would further strengthen its credentials of being a trusted organization in the country’s infrastructure segment in the times to come.
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