Jaiprakash Associates defaulted on a repayment of Rs 4,161 crore of loans due on March 31, 2023, the company said in an exchange filing April 29, 2023. The flagship company of the Jaypee Group has borrowings of Rs 29,396 crore, which are due for repayment by 2037, it said in an official statement.
These loans include fund-based working capital, non-fund based working capital, term loans and FCCB. The company owes money to as many as 35 financial institutions, including Axis Bank, Bank of Maharashtra, Bank of India, Canara Bank, Bank of Baroda, Union Bank of India, Central Bank of India, ICICI Bank, Export-Import Bank of India, Indian Overseas Bank, lOBI Bank, IFCI, The Jammu and Kashmir Bank, The Karur Vysya Bank, DBS Bank India, Life Insurance Corporation of India, The South Indian Bank Limited, Punjab National Bank, Punjab and Sind Bank, State Bank of India, Standard Chartered Bank, SIDBI, Indusind Bank Limited, HDFC, UCO Bank, Indian Bank, Yes Bank, ACRE, ARCll, Canara Bank (e-Syndicate Bank), Indian Bank (e-Allahabad Bank), Punjab National Bank (e-Oriental Bank of Commerce), Punjab National Bank (e-United Bank of India), Union Bank of India (e-Andhra Bank) and Union Bank of India (e-Corporation Bank).
“As a responsible borrower, the company has been taking tangible steps to reduce the borrowings. Post the proposed divestment of cement business and the restructuring under consideration, the borrowing will get almost to nil upon implementation of revised restructuring plan,” it said.
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An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
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