Disclosure under Regulation 30 of the SEBI (LODR).
Awaiting price reaction for this filing.
The NCLT Cuttack Bench has admitted Bhilai Jaypee Cement Limited (BJCL), a subsidiary of Jaiprakash Associates, into the Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The insolvency petition was filed by Siddhgiri Holdings Private Limited (operational creditor) on 17 August 2024 over an unpaid operational debt of Rs. 45.40 crores (principal of Rs. 30.08 crores plus 24% interest) related to unpaid coal supply invoices dating back to 2021. The NCLT order was pronounced on 15 October 2025, triggering a moratorium on suits and asset transfers. Mr. Ashutosh Khemani has been appointed as the Interim Resolution Professional (IRP) to manage BJCL's affairs and work towards a resolution plan.
This is a negative development for Jaiprakash Associates shareholders, as one of its subsidiaries has formally entered insolvency. While BJCL is a subsidiary and not JAL itself, the resolution process could affect JAL's investment value, consolidated financials, and any inter-company exposures. Investors should watch for potential write-downs or contingent liabilities as the CIRP progresses.