Jaiprakash Associates, the flagship company of JP Group, which is in financial crisis, has defaulted in returning the loan. The company has defaulted on the principal amount of the loan as well as the interest. The company had to repay this money in March itself, but it failed to do so.
Payment was to be made by March 31
Jaiprakash Associates Limited itself has given information about this to the stock markets. The company has told that it has defaulted on the payment of $ 508 million i.e. about Rs 4,161 crore. The company had to return the principal amount of Rs 1,653 crore and interest of Rs 2,508 crore by March 31. He has defaulted in making the same payment.
Total debt on the company
Jaiprakash Associates Limited (JAL) said that at present it has a total outstanding of Rs 29,396 crore including interest. The company has to pay this amount by the year 2037. Of this, Rs 4,161 crore was to be returned by March 31, 2023, but the company could not do so. The company had taken this loan from various banks. Its loans include fund based working capital, non fund based working capital, term loan and foreign currency convertible bonds.
Will reduce debt in this way
Jaiprakash Associates said that in the coming time, out of its total debt of Rs 29,296 crore, Rs 18,051 crore will be reduced. The company will transfer the loan of this amount to the proposed special company. It has got all the necessary approvals, only approval from the National Company Law Tribunal ie NCLT is pending.
Company confident of repaying full debt
Overall, the entire debt is under restructuring, the company said. Concrete measures are being taken to bring down the debt. After the implementation of the proposed disinvestment and debt restructuring plan of the cement business, the debt will be reduced to almost zero.
The matter has gone to NCLT
The company also said that ICICI Bank has approached the NCLT Allahabad on the basis of directions of the Reserve Bank of India under Section 7 of the Insolvency and Bankruptcy Code. However, the company has objected to this. Jaiprakash Associates said, the matter is still pending in NCLT. A decision is expected on this along with the plan to transfer the real estate business to a specialized company.
read this also: Anushka’s earnings are no less than Kohli’s
Be the first to read breaking news in Hindi aajsamacharindia.com| Today’s latest news, live news updates, read most reliable Hindi news website aajsamacharindia.com|
Like us on Facebook or follow us on Twitter for breaking news and live news updates.
