Jaiprakash Associates discloses defaults on loan repayments

Jaiprakash Associates Limited (JAL) announced on July 5, 2025, that it has defaulted on payments of interest and principal amounts on loans from banks and financial institutions. This disclosure, made in accordance with SEBI circulars, pertains to defaults for the month ended June 2025. The total outstanding borrowings from banks and financial institutions stand at INR 55,394.18 Crores as of June 10, 2025, which also represents the total financial indebtedness of the company, including short-term and long-term debt on a provisional basis. Lenders include National Asset Reconstruction Company Limited (NARCL), Axis Bank Limited, Bank of Maharashtra and several other major financial institutions. The company noted that it is currently under the Insolvency and Bankruptcy Code (IBC) following an order on June 3, 2024. All lenders are in the process of filing claims, which are currently under verification. Mr. Bhuvan Madan has been appointed as the interim resolution professional.