Crisis-hit Jaypee Group‘s flagship firm Jaiprakash Associates, which is facing insolvency proceedings, has a total outstanding loan of Rs 55,525.89 crore as on November 10, 2024. In a regulatory filing on Thursday, Jaiprakash Associates Ltd (JAL) informed the “total amount of outstanding borrowings from banks/financial institutions on a provisional basis” stood at Rs 55,525.89 crore as on November 10, 2024.
JAL has been admitted into the corporate insolvency resolution process in terms of the Insolvency and Bankruptcy Code, 2016 through the order dated June 3, 2024, passed by the National Company Law Tribunal, Allahabad Bench. Bhuvan Madan is the Resolution Professional (RP).
“As the company is under Insolvency and Bankruptcy Code (lBC) and all the lenders are in the process of filing their claims and the same are under verification,” the filing said.
For the last few years, Jaiprakash Associates has been selling its cement plants to reduce debt. But, the company is facing bankruptcy proceedings now because of default in repaying debt.
Besides cement, the company is into construction, hotel, power and real estate businesses.
