state Bank of India (SBI), in its petition filed before the Allahabad Bench of NCLT, has claimed a total default of Rs 6,893.15 crore as on September 15, 2022. Jaiprakash Associates Ltd. (JAL).
In addition, State Bank Of India The name of Bhuvan Madan has also been proposed as the interim resolution professional of the company.
When contacted, JAL said the company has sold its cement plants to repay the debt and will take more steps to address the concerns of its lenders.
“The present petition is being filed by the financial creditor, State Bank of India, which has provided financial facilities to the corporate debtor (JAL). The total amount of debt due and payable by the corporate debtor as on 15.09.2022 is Rs.6,892.47. Future interest and crores with contingencies and costs,” it said.
According to SBI, there were “persistent defaults” by JAL and while making payments again remained “irregular, despite restructuring”.
“In view of the above facts, it is clear that there has been a default on the part of JAL whereby the corporate debtor has failed to pay the financial debt to the financial creditor and, therefore, is liable to initiate the corporate insolvency resolution process,” the petition said. stated in.
SBI also requested the NCLT to impose a moratorium against JAL as per Section 7 of the Insolvency and Bankruptcy Code.
JAL, the flagship firm of the debt-ridden Jaypee Group, was part of it. reserve Bank of IndiaList of 26 large loan defaulters of commercial banks to initiate bankruptcy proceedings in August 2017.
Earlier, private sector lenders ICICI Bank The insolvency petition was also filed in September 2018. However, the matter is still pending before the Allahabad bench.
Several Jaypee Group companies viz. Jaypee Infratech And Andhra Cement Already facing insolvency proceedings before NCLT.
In a statement to PTI, Jaypee Group Chairman Manoj Gaur Said: “We are continuously selling properties to repay the loan. Our efforts are on in this direction. Under RERA supervision, houses are being constructed for the home buyers. JAL is continuously working towards the purpose of repaying the loan. And accordingly, steps have been taken. It is time to reduce the debt. We will continue to address the concerns of the lenders.”
In 2016, JAL inked a deal worth around Rs 17,000 crore with an Aditya Birla Group firm UltraTech Cement To sell its cement business with a total capacity of 17.2 million tonnes per annum (MTPA) spread over Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh.
However, there are reports that JAL is yet to get Rs 1,000 crore from the deal with UltraTech Cement.
Other companies of Jaypee Group like Jaypee Infratech Limited (JIL) and Andhra Cement Already facing insolvency proceedings and if the Allahabad bench accepts the latest, it will be the third firm in the group.
JIL went into insolvency process in August 2017 after an application was accepted by the NCLT IDBI Bank-led consortium.
In June last year, Mumbai-based Suraksha Group received approvals from financial creditors and home buyers to acquire JIL, giving hope to around 20,000 homebuyers to get possession of their dream flats.
However, the NCLT is yet to approve the plan of protection and the hearing is going on in the principal bench of the tribunal in Delhi.