Disclosure of defaults on payment of interest/repayment of principal amount on loans from banks/financial institutions.
Awaiting price reaction for this filing.
Jaiprakash Associates Limited (JAL) has filed its monthly disclosure of defaults on interest and principal payments to banks and financial institutions for April 2025. The company's total outstanding borrowings stand at approximately INR 55,933.69 crore as on 15 April 2025, owed to about 29 lenders including SBI, PNB, LIC, ICICI Bank, Axis Bank and IDBI Bank. The exact default amount and default dates have been left blank in the filing. The company notes that it is currently under the Insolvency and Bankruptcy Code (IBC) since 3 June 2024, with lenders in the process of filing and verifying their claims. Mr Bhuvan Madan has been appointed as the Resolution Professional, confirmed by the lenders with 87.72% voting share.
This is a routine monthly disclosure required under SEBI rules because the company is admitted into IBC. For shareholders, this signals continued financial distress and very high leverage, and the stock remains a high-risk bet pending the outcome of the insolvency resolution process.