“…consequent upon requests received from several PRAs for extension of the current deadline of 9th June 2025 for submission of resolution plans, the members of the Committee of Creditors of the Corporate Debtor have approved with the requisite majority the extension of time for submission of Resolution Plans till 24th June, 2025,” Jaiprakash Associates said in a regulatory filing.
The move follows requests from several prospective resolution applicants (PRAs) seeking more time to finalise their proposals. The Committee of Creditors (CoC) approved the extension with the required majority.
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Jaiprakash Associates, which is into cement, power, hotels, construction and real estate businesses, has been admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, through an order dated June 3, 2024, passed by the National Company Law Tribunal, Allahabad Bench.
JAL’s total outstanding loans from banks and financial institutions stood at ₹55,493.43 crore as of February 20, 2025. The company also recently informed that a consortium of lenders has transferred their outstanding loans to National Asset Reconstruction Company Ltd (NARCL).
The consortium comprises SBI, ICICI Bank, IDBI Bank, Axis Bank, LIC, Canara Bank, Bank of Maharashtra, IFCI, PNB, UCO Bank, South Indian Bank, Punjab & Sind Bank, Jammu & Kashmir Bank, SIDBI, Standard Chartered Bank, Karur Vysya Bank, EXIM Bank, Bank of India, Indian Overseas Bank, Indian Bank, IndusInd Bank, Bank of Baroda, Union Bank of India, Central Bank of India and SREI Equipment Finance Ltd.
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The total amount of the debt transferred to the NARCL was not disclosed.
Bhuvan Madan is the resolution professional (RP) for the JAL. Jaypee Group’s other company, Jaypee Infratech, has already been acquired by the Mumbai-based Suraksha Group through the insolvency process.
Shares of Jaiprakash Associates Limited ended at ₹3.57, up by ₹0.17, or 5%, on the BSE.
