Jaiprakash Associates Limited (JAL) has disclosed default in loan repayment to Banks. The Company is under Insolvency and Bankruptcy Code 2016 (IBC) and all the lenders are in the process of filing their claims and the same are under verification.
JAL has been admitted into corporate insolvency resolution process in terms of the Insolvency and Bankruptcy Code, 2016 vide order dated 03 June 2024 passed by the Hon’ble National Company Law Tribunal, Allahabad Bench. Vide the said order, Mr. Bhuvan Madan has been appointed as the interim resolution professional for JAL. Subsequently, the members of CoC in their 2nd CoC meeting held on 30th July 2024, confirmed the appointment of the IRP as Resolution Professional (“RP”) with 87.72% voting share.
| Type of Disclosure | Details |
| Name of Listed Entity | Jaiprakash Associates Limited (JAL) |
| Date of making the disclosure | 4th August,2025 |
| Nature of obligation | Term Loan, WCTL, FITL, etc. |
| Date of default | — |
| Current default amount | — |
| Details of obligation | — |
| The total amount of outstanding borrowings from Banks/financial institutions (in INR crore) on Provisional basis | INR 55,372.19 Crores as on 25.07.2025 |
| Total financial indebtedness of listed entity including short-term and long-term debt (in INR crore) on Provisional basis | INR 55,372.19 Crores as on 25.07.2025 |
The loan was taken from following Banks and Lenders:
- National Asset Reconstruction Company Limited (NARCL)
- Axis Bank Limited
- Bank of Maharashtra
- Canara Bank
- Bank of Baroda
- ICICI Bank Limited
- Indian Overseas Bank
- IDBI Bank Limited
- The Jammu & Kashmir Bank Limited
- DBS Bank India Limited
- Punjab National Bank
- Punjab & Sind Bank
- State Bank of India
- Yes Bank Limited
- Asset Care & Reconstruction Enterprise (ACRE) Limited
- Asset Reconstruction Company India Ltd (ARCIL)
- Union Bank of India (formerly e-Corporation Bank)
- The Bank of New York Mellon
Fixed Deposit (FD) Holders (represented by Mr. Amarpal):
- Ms. Anita Dixit
- Mr. Harsha Nagesh (including Ms. Annapurna Nagesh, Asha Nagesh, and K. Nagesh)
- Mr. Raj Poddar (including Raj Poddar, Manjula Poddar, Nikunj Poddar, and Nikhil Poddar)
- Mr. Raj Kumar Kedia
- Mr. Rachit Kedia
- Ms. Vandana Kedia
- Ms. Madhavi Kedia
