Disclosure of Default
Awaiting price reaction for this filing.
Jaiprakash Associates Ltd (JAL), currently under the Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated June 3, 2024, has filed its monthly disclosure of loan defaults for September 2025. The company reported total outstanding borrowings from banks and financial institutions of approximately Rs 55,371.21 crore as on September 25, 2025. The default involves multiple lenders including NARCL, Axis Bank, SBI, PNB, ICICI Bank, Bank of Baroda, Canara Bank, IDBI Bank, Yes Bank, Bank of New York Mellon, and asset reconstruction companies like ACRE and ARCIL. Specific default amounts and dates have not been quantified as the company is under IBC and lenders are still in the process of filing and verifying their claims.
This disclosure confirms the company's persistent inability to service its massive debt pile (over Rs 55,000 crore), reinforcing its distressed status. For shareholders, this is negative as resolution under IBC could result in significant dilution or restructuring of existing equity, with lenders and a resolution plan likely to determine the company's future direction.