Jaiprakash Associates Limited (JAL) is currently undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code (IBC) 2016. As of September 18, 2024, the total financial indebtedness of the company stands at ₹52,183.20 crores. The process, which commenced on June 3, 2024, has the lenders filing their claims, which are under verification.
The company disclosed its default on payments of interest and principal amounts to banks, financial institutions, and other unlisted debt securities. As part of the insolvency proceedings, all outstanding claims are being reviewed to ascertain the exact defaults and liabilities. However, as the process is ongoing, exact details on the amount of defaults are still being compiled.
The interim resolution professional, Mr. Bhuvan Madan, has been confirmed as the Resolution Professional (RP) for JAL with an 87.72% voting share by the Committee of Creditors (CoC) during their meeting held on July 30, 2024
JAL’s total debt includes both long-term and short-term liabilities, reflecting the company’s financial struggles and its efforts to resolve them through the IBC framework. The company has multiple business operations and offices spread across various locations in India, including its registered office in Noida, Uttar Pradesh, and corporate offices in Delhi and Ghaziabad, U.P
