Jaiprakash Associates defaults on million loan repayment

Crisis-hit Jaiprakash Associates, the parent company of the Jaypee Group, has defaulted on loans totalling $41,610,000,000, including principal and interest. Jaiprakash Associates Ltd (JAL) disclosed that it missed a payment of $25,080 million in interest and $16,530 million in principle on March 31 in a regulatory filing on April 29. The loans were made to several banks, and the types of obligations included term loans, FCCBs (foreign currency convertible bonds), fund-based working capital, and non-fund-based working capital.