Debt

Debt financing

Realtor Jaiprakash Associates defaults on principal and interest repayments

MoneyControl  

Construction firm Jaiprakash Associates has defaulted on lender payments of about INR 2,900 crore. The company has INR 1,544 crore of interest overdues and INR 1,353 crore principal dues to lenders. It has a total outstanding debt of INR 27,000 crore to creditors. Lenders to Jaiprakash Associates include ICICI Bank, Axis Bank, IDBI Bank, Canara Bank and Bank of Baroda. The default is on obligations such as fund-based working capital, non-fund-based working capital, term loans and FCCB. In total, there are about 32 banks which have exposure to Jaiprakash Associates.