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Jaiprakash Associates defaults on Rs 3,956-crore loans on April 30

Dated on: Tuesday 9th May 2023

The main business of the financially troubled Jaypee Group, Jaiprakash Associates Ltd. (JAL), has defaulted on loans totaling Rs 3,956 crore, which includes both principal and interest payments. The business acknowledged in a regulatory statement that it missed its April 30 principal and interest payment deadline of Rs 1,642 crore and Rs 2,314 crore, respectively. The loans were obtained from several banks and were divided into the following categories: term loans, FCCBs (foreign currency convertible bonds), fund-based working capital, and non-fund-based working capital.

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