Jaiprakash Associates has defaulted on loans worth Rs 3,961 crore, including principal and interest amount. 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).
Jaiprakash Associates (JAL) is the engineering and construction arm of the Jaypee group focused on development of river valley and hydro electric projects and a leader in construction of river valley and hydropower projects on turnkey basis for more than four decades.
