Jaiprakash Associates defaults on Rs 3,961-crore loans on May 31

Crisis-hit Jaypee Group's flagship firm Jaiprakash Associates has defaulted on loans worth Rs 3,961 crore, including principal and interest. In a regular regulatory filing, Jaiprakash Associates Ltd (JAL) informed that the company on May 31 defaulted on repayments of a principal amount of Rs 1,600 crore and an interest of Rs 2,361 crore.

The loans pertained to various banks, and the nature of the obligation is fund-based working capital, non-fund-based working capital, term loans, and FCCB (foreign currency convertible bonds).

"The total borrowing (including interest) of the company is Rs 29,429 crore, repayable by 2037, against which only Rs 3,961 crore is overdue as on May 31, 2023," JAL said.