NEW DELHI: Jaiprakash Associates Ltd, which is undergoing an insolvency process, on Wednesday said that a consortium of lenders has transferred their outstanding loans to National Asset Reconstruction Company Ltd (NARCL).
Jaiprakash Associates Ltd (JAL) in a regulatory filing informed that the consortium of lenders of the company have “assigned/transferred their outstanding debt/financial assets along with underlying securities interest, pledge of shares, guarantees, receivables etc. charged for financial assistance granted by them to JAL in favour of NARCL”.
As per the filing, the consortium comprises SBI, ICICI Bank, IDBI Bank, Axis Bank, LIC, Canara Bank, Bank of Maharashtra, IFCI, PNB, UCO Bank, South Indian Bank, Punjab & Sind Bank, Jammu & Kashmir Bank, SIDBI, Standard Chartered Bank, Karur Vysya Bank, EXIM Bank, Bank of India, Indian Overseas Bank, Indian Bank, IndusInd Bank, Bank of Baroda, Union Bank of India, Central Bank of India and SREI Equipment Finance Ltd.
The total amount of the debt transferred to the NARCL was not disclosed.
Earlier this month, JAL informed that its total outstanding loans from banks and financial institutions are Rs 55,493.43 crore as of February 20, 2025.
The company has been admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, through an order dated June 3, 2024, passed by the National Company Law Tribunal, Allahabad Bench.
Bhuvan Madan is the resolution professional (RP).
Bids have been invited to acquire JAL through the insolvency process.
JAL, a flagship firm of Jaypee Group, is in cement, power, EPC, hotels, real estate and sports facilities, among others.
NARCL was incorporated under the Companies Act, 2013, and registered as an asset reconstruction company with the Reserve Bank of India (RBI).
In a separate filing, Jaiprakash Associates said that “the company has received a letter dated March 12, 2025, from Rama Raman, Independent Director, conveying his resignation from the Board of Directors with effect from 12th March 2025, due to his personal reasons and other commitments”.
