Jaiprakash Associates Transfers Debt to NARCL Amid Insolvency Proceedings
Published on March 12, 2025
Debt Transfer Details
Jaiprakash Associates Ltd (JAL) has announced that a group of financial institutions has moved their outstanding loans to the National Asset Reconstruction Company Ltd (NARCL), as part of the company’s ongoing insolvency process. In a regulatory filing, JAL disclosed that this consortium, including major banks and financial firms, has assigned its debt, along with associated securities and guarantees, to NARCL.
Consortium of Lenders
The consortium of lenders consists of prominent institutions, including:
- State Bank of India (SBI)
- ICICI Bank
- IDBI Bank
- Axis Bank
- Life Insurance Corporation (LIC)
- Canara Bank
- Bank of Maharashtra
- IFCI
- Punjab National Bank (PNB)
- UCO Bank
- South Indian Bank
- Punjab & Sind Bank
- Jammu & Kashmir Bank
- Small Industries Development Bank of India (SIDBI)
- Standard Chartered Bank
- Karur Vysya Bank
- EXIM Bank
- Bank of India
- Indian Overseas Bank
- Indian Bank
- IndusInd Bank
- Bank of Baroda
- Union Bank of India
- Central Bank of India
- SREI Equipment Finance Ltd
The specific amount of debt transferred has not been publicly revealed.
Current Financial Standing
As of February 20, 2025, Jaiprakash Associates has reported total outstanding loans of ₹55,493.43 crore from various banks and financial institutions.
The corporate insolvency resolution process, initiated under the Insolvency and Bankruptcy Code of 2016, was triggered through an order from the National Company Law Tribunal, Allahabad Bench, dated June 3, 2024. Bhuvan Madan has been appointed as the resolution professional overseeing this process.
Company Profile
Jaiprakash Associates is a flagship entity within the Jaypee Group, with diversified operations that include sectors such as cement, power generation, engineering, procurement, construction (EPC), hospitality, real estate, and sports facilities.
Changes in Leadership
In a separate communication, JAL has reported the resignation of Rama Raman, an Independent Director, effective March 12, 2025. This resignation was attributed to personal reasons and other commitments.
