Jaiprakash Associates Limited has informed the Exchange regarding 'Intimation under Regulation 30 of the SEBI (Listing Obligations andDisclosure Requirements) Regulation 2015.'.
Awaiting price reaction for this filing.
The National Highway Authority of India (NHAI) has referred its dispute with Jaiprakash Associates to its Conciliation Committee of Independent Experts (CCIE-2) for amicable settlement. The dispute relates to the four-laning of the Varanasi-Gorakhpur section of NH-29 in Uttar Pradesh, an EPC contract worth Rs. 1,030 crore originally scheduled for completion in October 2019. Jaiprakash Associates has filed claims of Rs. 1,461.63 crore covering land handover delays, minimum wage revisions, and extended project duration costs. NHAI has filed counter-claims of Rs. 892.24 crore citing project delays, supervision cost extensions, toll revenue loss, and liquidated damages. The filing also confirms that Jaiprakash Associates remains under Corporate Insolvency Resolution Process (CIRP) since NCLT admission on June 3, 2024, with Bhuvan Madan as the Resolution Professional.
Since the company is already under insolvency proceedings, this conciliation outcome will feed into the resolution process and could affect recoveries for creditors. Shareholders face continued uncertainty as both directions of claims (Rs. 1,461 cr in JAL's favour vs Rs. 892 cr against) remain unresolved, with the final quantum of any recovery uncertain at this stage.