Jaiprakash Associates Faces Rs 55,526 Cr Loan Outstanding

09 Dec 2024 CW Team

Jaiprakash Associates, the flagship company of the troubled Jaypee Group currently undergoing insolvency proceedings, reported a total outstanding loan of Rs 55,525.89 crore as of November 10, 2024. In a regulatory filing, the company disclosed that the "total amount of outstanding borrowings from banks/financial institutions on a provisional basis" stood at this figure as of the specified date.

The company was admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC) on June 3, 2024, following an order from the National Company Law Tribunal, Allahabad Bench. Bhuvan Madan has been appointed as the Resolution Professional (RP).

The filing also stated that since the company is under IBC, lenders are in the process of submitting their claims, which are currently being verified.

In recent years, Jaiprakash Associates has been selling off its cement plants in efforts to reduce its debt. However, it is now facing bankruptcy proceedings due to a default on loan repayments.

Apart from cement, Jaiprakash Associates is also involved in construction, hotel, power, and real estate sectors.

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