JP Associates pledges Rs 100 billion debt clearance in 2 years

13 Nov 2023 CW Team

Jaiprakash Associates has expressed its intention to settle a debt amounting to Rs 100 billion within a span of two years. This, however, is contingent on the approval of its debt restructuring proposal by lenders, along with the release of Rs 6 billion from blocked banking limits.

The company's loans have principal repayments scheduled for 2037. Their suggestion is that limits should be freed, and operations permitted to continue, enabling the servicing of the debt.

The debt-laden company, a flagship of the Jaypee group encompassing hotel, real estate, and construction businesses, has received financing from a consortium of 34 banks. Despite the earlier sanctioning of the debt restructuring plan by the banks, its implementation has been stalled, as ICICI Bank and SBI have taken the matter to the National Company Law Tribunal, seeking initiation of insolvency proceedings against the company.

According to an individual mentioned earlier, "The sustainable portion can be repaid within 24 months through on-going asset sales and the company's own earnings."

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