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Debt-laden Jaiprakash Associates Ltd (JAL), which is in bankruptcy court, has reported that the company defaulted on loans worth Rs 4,044 crore from various banks as on June 30.
“The total borrowing (including interest) of the company is Rs 29,277 crore, repayable by 2037, against which only Rs 4,044 crore is overdue,” the company said in an exchange filing.
Out of the total borrowing of Rs 29,477 crore, Rs.18,319 crore will get further reduced on transfer to the proposed Special Purpose Vehicle (SPV) for which the Scheme of Arrangement duly approved by all the stakeholders, is pending sanction of NCLT. The entire loan is in any case under restructuring, the company said.
“As a responsible borrower, the company has been taking tangible steps to reduce the borrowings. Post the proposed divestment of the cement business and the restructuring under consideration, the borrowing will get almost to nil upon implementation of revised restructuring plan,” it said.
The company under the direction of the Supreme Court had deposited a sum of Rs 750 crore in the matter relating to a litigation of home-buyers with Jaypee Infratech Limited (JlL). Banks of JAL were contesting that the amount so deposited by JAL of Rs 750 crore and interest accrued should be refunded to JAL to enable JAL to meet its obligations with its lenders, the company said.
Supreme Court, vide its order dated March 24, 2021 decided the issue relating to Rs 750 crore (with accrued interest) deposited by Jaiprakash Associates in favour of JAL.
“Thereafter NCLT, vide its order dated March 7, 2023 decided that out of the said deposit, JAL should be returned Rs 100.48 crore along with proportionate interest against which the company has filed an appeal with NCLAT. Appeal has since been admitted,” the company said.
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