Jaiprakash associates discloses significant defaults amid insolvency

Jaiprakash Associates Limited (JAL) has reported defaults on interest and principal repayments for loans from banks and financial institutions as of November 2025. This disclosure, made on December 4, 2025, aligns with SEBI circular requirements, revealing that the company is currently undergoing a Corporate Insolvency Resolution Process, initiated by an NCLT order dated June 3, 2024.

The company's outstanding borrowings from banks and financial institutions, on a provisional basis, total INR 55,371.21 Crores as of November 5, 2025. This figure also represents the total financial indebtedness, encompassing both short-term and long-term debt. These amounts are provisional, as lenders are in the process of filing and verifying their claims under the Insolvency and Bankruptcy Code 2006.

Numerous lenders are affected, including major entities such as National Asset Reconstruction Company Limited, Axis Bank Limited, Bank of Maharashtra, Canara Bank, and State Bank of India. The nature of obligation includes term loan, WCTL, and FITL. Bhuvan Madan has been confirmed as the resolution professional with an 87.72% voting share by the Committee of Creditors.