Jaiprakash Associates Ltd (JAL), the flagship company of the crisis-hit Jaypee Group, has disclosed a default on loans amounting to Rs 4,258 crore, including both principal and interest, in a regulatory filing.
Jaiprakash Associates: The loans pertained to various banks, and the nature of the obligation is fund-based working capital, non-fund-based working capital, term loans and FCCB (foreign currency convertible bonds).
The real estate sector has exponentially boomed over past decades; however, it has suffered from unprecedented challenges in the wake of the COVID- 19 pandemic. As per the Report of Expert Committee.
India s state-owned bad bank, National Asset Reconstruction Company Ltd (NARCL), has acquired three more accounts in the past two weeks, including Dharani Sugars and Chemicals, SPML Infra, and Parenteral Drugs. The finance ministry has urged NARCL to expedite the acquisition process. Differences between NARCL and India Debt Resolution Co Ltd (IDRCL) have caused delays.