In a regulatory filing, Jaiprakash Associates Ltd (JAL) informed that the company has on October 31 defaulted on repayments of a principal amount of Rs 1,733 crore and interest of Rs 2,525 crore.
In a regulatory filing on Friday, Jaiprakash Associates Ltd (JAL) informed that the company on June 30th defaulted on repayments of a principal amount of Rs 1,660 crore and interest of Rs 2,384 crore.
The flagship company of the infrastructure-focused Jaypee Group has borrowings of 293.96 billion rupees, which are due for repayment by 2037, it said.
In October, Jaiprakash Associates and Jaiprakash Power Ventures had announced plans to divest their cement business as well as some non-core assets to reduce debt.
The board of directors of Jaiprakash Power Ventures has approved the divestment of company's Nigrie Cement Grinding Unit as well as other non- core assets.
Jaiprakash Power Ventures said its board will be apprised regarding the proposals for "divestment of Nigrie Cement Grinding Unit" and to "review the progress made in the reduction of company's debt".
The project having eight towers was launched around 2010 and was registered with UP RERA in 2017.
It has contributed Rs 3 crore to the PM Cares Fund, Rs. 50 lakh to the Uttar Pradesh CM Care fund, Rs 51 lakh to the Madhya Pradesh CM Care Fund and Rs 21 lakh to the Uttrakhand CM Care Fund.
Jaypee Group terms the cancellation order as 'regressive'; to challenge it in court
Of the total sales of 1,350 units, around 1,100 units were in the residential segment and the rest in the commercial segment, the Delhi-NCR based company said.
A meeting of Committee of Creditors (CoC) has been called on May 30.
Terming the meeting called by Jaypee group top official Manoj Gaur as an 'eyewash', a section of buyers did not attend the meet and sat on protest at the venue while blaming the developer Jaypee group as well as the central and state governments for their plight.
In a regulatory filing, Jaypee group's flagship company JAL said the "board has co-opted Jaiprakash Gaur on the board of the company as an additional director with effect from May 19, 2018."
Earlier this week, Jaypee group promoter Manoj Gaur made an offer of over Rs 10,000 crore before the lenders of Jaypee Infratech to protect the interest of all stakeholders including financial creditors, home buyers and minority shareholders.
Jaypee Associates told the apex court that it has an offer worth Rs 2,500 crore and sought permission to give the project to another party.
Orient Cement has an aggregate manufacturing capacity of 8 MTPA with a clinker manufacturing capacity of close to 6 MTPA.
The special resolution was approved by the shareholders at the company's annual general meeting held on September 23.
The apex court had earlier directed Jaiprakash Associates Ltd to deposit Rs 4 crore with the bank to be kept as short- term fixed deposit and give possession of flats to the home buyers in its Kalypso Court project on the Noida-Greater Noida Expressway.
The move will bring about relief to 3,087 home owners after close to a year of being left in the lurch.
Jaypee Wish Town investors, on April 21, 2017, gathered at the Yamuna Expressway Industrial Development Authority (YEIDA) office in Noida, to protest against the builder over delays in the project completion and alleged diversion R
The country’s largest bank, State bank of India, and biggest private sector lender, ICICI Bank, are among the major lenders to Jaiprakash Associate
The arrangement between the two companies, announced on October 6 last year, was a combination of two assets of the Noida-headquartered company.
In the past one month, the stock price of little-known Andhra Cements ran up close to 70 percent, even beating its larger peers by a margin. The rally could most likely have been sparked by market buzz that the Jaypee Group-promoted cement player has been put on the block.
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