Jaiprakash Associates

NCLAT rejects Jaiprakash Associates' petition challenging insolvency

The National Company Law Appellate Tribunal (NCLAT) on Friday rejected Jaiprakash Associates Ltd's petition challenging the insolvency proceedings initiated against the company. While upholding an earlier order, the appellate tribunal NCLAT observed mere pending of loan restructuring arrangement with the lender before NCLT does not debar the creditors to file insolvency proceedings under section 7 of Insolvency & Bankruptcy Code 2016. A three-member bench led by Chairperson Justice Ashok Bhushan has upheld the order passed by the National Company Law Tribunal (NCLT), which had directed initiating the Corporate Insolvency Resolution Process (CIRP) against the company. The appellate tribunal said "after answering all the issues, we are of the view that no grounds have been made out to interfere in order of NCLT". The OTS (one-time settlement) proposal submitted to NCLT and as well as before this tribunal on behalf of JAL contains the "clear acknowledgment of debt" and ...

Jaiprakash Associates Q1 results: Net loss widens to Rs 1,023.44 cr

Debt-ridden Jaiprakash Associates' consolidated net loss has widened to Rs 1,023.44 crore in the first quarter of this fiscal. Its net loss stood at Rs 180.80 crore in the year-ago period. The total income rose to Rs 1,770.66 crore in April-June this fiscal from Rs 1,505.23 crore in the corresponding period of the previous year, according to a regulatory filing. Jaiprakash Associates is into cement, construction, power and real estate businesses. The company is currently facing insolvency proceedings.

Nifty Microcap 250 surges 29% in 2024, outruns mid, smallcap indices

The rally in microcap stocks, according to Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities, has been on the back of growth in earnings in a lot of these companies

Adani Group marks $3 bn for multiple cement acquisitions in expansion bid

Adani Cement is the second-largest cement producer in India after UltraTech Cement and is looking to capture one-fifth of the domestic cement market by FY28

NCLAT asks ICICI to consider OTS proposal in Jaiprakash Associates case

Insolvency appellate tribunal NCLAT has issued a notice to ICICI Bank over the plea of Jaiprakash Associates Ltd and said the private sector lender may consider the one-time settlement proposal submitted by the debt-ridden company by June 24, the next date of hearing. During the proceedings of NCLAT, JAL through its counsel submitted that it is inclined to make the entire payment within 18 weeks, if the OTS is accepted by the Bank, which was opposed by creditors alleging that the total debt is over Rs 26,000 crore. Earlier, JAL moved a one-time settlement Proposal (OTS) to creditors before the NCLT, which had a provision of an upfront amount of Rs 200 crore and the balance of about Rs 16,000 crore to be paid on or before 18 weeks from its acceptance. However, this was dismissed by the Allahabad bench of the National Company Law Tribunal (NCLT) and directed to initiate the Corporate Insolvency Resolution Process (CIRP) against JAL, which was challenged before NCLAT. In its order, a

Suspended board of Jaiprakash Associates moves NCLAT over insolvency order

The suspended board of debt-ridden Jaiprakash Associates has moved appellate tribunal NCLAT challenging last week's NCLT order which directed initiation of insolvency proceedings against the firm. The petition was listed before a vacation bench of the National Company Law Appellate Tribunal (NCLAT), which declined to grant an interim stay on the NCLT order. On June 3, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC. The NCLT rejected JAL's contention that it faced a liquidity crunch and defaulted on debt repayments mainly due to delays in government approvals and prolonged litigation concerning land acquisition for Yamuna Expressway and changes in government policies. It has been held by the Supreme

NCLT begins insolvency proceedings for Jaiprakash Associates on ICICI plea

The National Company Law Tribunal (NCLT) on Monday directed to initiate insolvency proceedings against debt-ridden Jaiprakash Associates Ltd, admitting the plea filed by private lender ICICI Bank. Jaiprakash Associates Ltd (JAL), which is the flagship firm of Jaypee Group, is mainly into construction, cement and hospitality businesses. JAL has sold many cement plants in the last few years to reduce its debt. A two-member bench at NCLT, Allahabad, comprising Members Praveen Gupta and Ashish Verma pronounced the order on Monday afternoon, said lawyers connected with the matter. The tribunal has also appointed an interim resolution professional (IRP) and directed the initiation of a Corporate Insolvency Resolution Process (CIRP) against JAL, they said. The Allahabad bench of the tribunal has also dismissed the merger of Jaiprakash Associates Ltd with Jaypee Infrastructure Development Ltd. A detailed order is yet to be uploaded to the NCLT website. In September 2018, leading private

Crisis-hit Jaiprakash Associates defaults on Rs 4,616 crore loans

Crisis-hit Jaypee Group's flagship firm Jaiprakash Associates has defaulted on loans worth Rs 4,616 crore, including principal and interest amount. In a regulatory filing late on Monday, Jaiprakash Associates Ltd (JAL) has informed that the company on April 30, defaulted on repayments of a principal amount of Rs 1,751 crore and interest of Rs 2,865 crore. "Total borrowing (including interest) of the company is Rs 29,805 crore, repayable by 2037, against which only Rs 4,616 crore is overdue as on April 30, 2024," JAL said. 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 FCCBs (foreign currency convertible bonds). Out of the total borrowing of Rs 29,805 crore, the company said Rs 18,955 crore will be transferred to the proposed Special Purpose Vehicle (SPV). For this, a Scheme of Arrangement duly approved by all the stakeholders, is pending for sanction of the National Company Law ...

Lenders request RBI approval to sell Jaiprakash Associates loan to NARCL

SBI-led lenders are pursuing RBI clearance to shift real estate firm's Rs 18,000 crore debt to NARCL in a Rs 10,000 crore deal

Jaiprakash Associates plans to restructure bonds worth $120 million

Crisis-hit Jaiprakash Associates, which is into cement and construction businesses, on Saturday said around 92 per cent of bondholders have given consent for restructuring of foreign currency convertible bonds (FCCBs) worth USD 120 million, which were issued by the company and due for payments in 2020 and 2021. In February, the debt-ridden company had announced plans to restructure these bonds. On February 27, Jaiprakash Associates informed that the company has executed a non-binding term sheet and related accession agreements with an aggregate of about 70 per cent of the holders of (i) the USD 38,640,000 FCCBs due September 2021 (Series A Bonds); and (ii) the USD 81,696,000 amortising FCCBs due September 2020 (Series B Bonds). The agreements contain the primary terms of the proposed restructuring of such bonds. In a regulatory filing on Saturday, the company apprised that more bondholders have accorded their consent to the bond restructuring by signing an accession agreement with

Jaiprakash Associates Q3 results: Net loss widens to Rs 476 crore

Jaiprakash Associates on Tuesday reported a consolidated net loss of Rs 476.12 crore in the third quarter of this fiscal year. Its net loss stood at Rs 314.51 crore in the year-ago period. Total income declined to Rs 1,558.58 crore during the October-December period of this fiscal year from Rs 1,933.11 crore in the corresponding period of the previous year, according to a regulatory filing. Jaiprakash Associates is into construction, cement, real estate and hospitality businesses, among others.

Jaiprakash Associates to give 7.71% stake to ICICI Bank to settle part loan

Crisis-hit Jaypee Group's flagship firm Jaiprakash Associates Ltd (JAL) will give 7.71 per cent stake, worth Rs 366 crore at current market price, in the company to ICICI Bank to clear part of the outstanding loan. According to sources, ICICI bank has an exposure of around Rs 3,000 crore in JAL, which is into many businesses including cement, construction, hotels and real estate. In a regulatory filing, JAL on Tuesday informed that the company has entered into a settlement agreement with ICICI Bank and will transfer over 18.93 crore shares to the bank. "...with a view to give thrust to the ongoing efforts of the company to reduce its debt, the company, along with Trusts holding 18,93,16,992 equity shares of the company have entered into a Settlement Agreement with ICICI Bank (lender) to transfer the said shares to lender," JAL said. The share price of JAL stood at Rs 19.35 apiece on the BSE on Monday. At Monday's price, the value of 18.93 crore shares is Rs 366 crore. The ...

JP Associates inks pact with ICICI Bank, to transfer 189 million shares

Currently, JP Associates owes nearly Rs 29,000 crore to key lenders such as State Bank of India (SBI), ICICI Bank, and IDBI

Jaiprakash Associates share prices jump 12% on Adani deal reports

The Adani group, currently operating at a capacity of 70 million tonnes per annum, aims to double this figure to 140 million tonnes within the next five years

Lenders in talks to sell debt-laden Jaiprakash Associates loans to NARCL

Delay of over 5 years in debt resolution via IBC prompts the move

Crisis-hit Jaiprakash Associates defaults on Rs 3,961-crore loans on May 31

Crisis-hit Jaypee Group's flagship firm Jaiprakash Associates has defaulted on loans worth Rs 3,961 crore, including principal and interest amount. In a regulatory filing, Jaiprakash Associates Ltd (JAL) informed that the company on May 31 defaulted on repayments of a principal amount of Rs 1,600 crore and interest of Rs 2,361 crore. 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 total borrowing (including interest) of the company is Rs 29,429 crore, repayable by 2037, against which only Rs 3,961 crore is overdue as on May 31, 2023," JAL said. Out of the total borrowing of Rs 29,429 crore, the company said that Rs 18,231 crore will get further reduced on transfer to the proposed Special Purpose Vehicle (SPV) for which the scheme of arrangement duly approved by all the stakeholders, is pending sanction of National Company Law Tribunal

Jaiprakash Associates defaults on $508 mn loan repayment due on Mar 31

The flagship company of the infrastructure-focused Jaypee Group has borrowings of Rs 29,396 crore, which are due for repayment by 2037, it said

Dalmia executes definitive agreements with JAL to acquire cement assets

Dalmia Bharat on Wednesday said it has executed definitive agreements with debt-ridden Jaiprakash Associates Ltd (JAL) to acquire the latter's cement assets as per an earlier announcement. Dalmia Cement (Bharat) Ltd (DCBL), a subsidiary of Dalmia Bharat, on Tuesday executed definitive agreements with JAL for the acquisition of JP Super Cement Plant in Uttar Pradesh at an enterprise value of Rs 1,500 crore and costs and expenses of up to Rs 190 crore. However, this will be subject to various clearances and approvals related to JP Super plant and mines, said a regulatory update from Dalmia Bharat Ltd (DBL). Moreover, it is also subject to "fulfilling certain conditions precedent including the final outcome of the pending arbitration between JAL and Ultratech Cement Ltd." On December 12, 2022, DBL had announced that it will acquire cement assets of Jaypee Group's flagship company JAL and its associate firm at an enterprise value of Rs 5,666 crore. As part of that, DCBL also executed

CCI clears acquisition of Jaiprakash Associates' assets by Dalmia Cement

The Competition Commission of India on Wednesday approved the acquisition of certain assets of Jaiprakash Associates Ltd and its associate by Dalmia Cement (Bharat) Ltd. The proposed combination relating to acquisition of clinker, cement and power plants belonging to Jaiprakash Associates Ltd and its associate by the Dalmia Cement (Bharat) Ltd, according to an official release. Dalmia Cement (Bharat) Ltd is a wholly-owned subsidiary of Dalmia Bharat Ltd (DBL). DBL engages in the business of manufacture and sale of cement, sugar and refractory services. DBL is the ultimate parent entity of the Dalmia Bharat Group. The assets are engaged in the manufacture and sale of clinker, grey cement and thermal power generation in the states of Madhya Pradesh, Uttar Pradesh and Chhattisgarh. Deals beyond a certain threshold have to be approved by CCI, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.

Jaiprakash Associates defaults on Rs 4,059 crore loans with various banks

Jaypee Group's flagship firm Jaiprakash Associates has defaulted on loans of Rs 4,059 crore, comprising both the principal and interest amount. In a regulatory filing, Jaiprakash Associates Ltd (JAL) said the company on December 31 defaulted on repayments of principal amount Rs 1,713 crore and interest of Rs 2,346 crore. The loans pertained to various banks and the nature of obligation is fund based working capital, non fund based working capital, term loans and FCCB (foreign currency convertible bonds). In September 2018, ICICI Bank filed an insolvency petition against JAL but the matter is still pending before the Allahabad bench of the National Company Law Tribunal (NCLT). The country's biggest lender SBI had in September this year moved the NCLT against JAL, claiming a total default of Rs 6,893.15 crore as on September 15, 2022. Last month, JAL and its group firms announced the sale of its remaining cement assets to Dalmia Bharat Ltd at an enterprise value of Rs 5,666 crore an