"The principal installment of Rs 333,333,333 and interest of Rs 29,294,521 that became due for payment on April 25, 2016 in respect of 11.75 per cent Non Convertible Debentures (NCDs), still remains unpaid," the firm said in a regulatory filing.
This is the second time in around five months that the firm has informed about failing to meet payment commitments.
On March 8, Jaiprakash Associates had informed BSE that the interest, which was payable on the Bonds on the semi-annual interest payment date of March 7, 2016, has not been paid. "The Issuer wishes to inform you that it has not paid such interest. The Issuer intends to engage in discussions with holders of the Bonds to arrive at a solution in respect of the unpaid interest."
JAL on February 28, 2016 had announced the signing of a "binding Memorandum of Understanding (MoU)" with UCL for divestment of part of its cement business.
More From This Section
In today's filing, JAL said, "The filing may be read in consonance with disclosures/press releases of February 28, February 29, and July 4, 2016 wherein company has informed about the disinvestment initiatives being undertaken".
In this regard JAL's Board constituted a Committee of Directors to evaluate various options necessitating financial restructuring as may be applicable with evolving guidelines of RBI and Banks to deal with the debt management and take all actions/steps, necessary, by the said Committee, it added.
On February 29, it had said its Board has taken note with approval of the said MOU and that "The company will execute a definitive agreement with UCL in this regard in due course. The transaction shall also be subject to receipt of all statutory approvals and necessary compliances.